2006 Transactions
Tremont Arranges $24,000,000 Big Box Retail Financing
The Chicago office of Tremont Realty Capital arranged debt for the construction of a Kohl’s and a Bed Bath and Beyond. The site known as, the Almarida Shopping Center is located in Campbell, California approximately five miles southwest of San Jose. The 149,620 square foot property is located in a very dense, infill location which went through a very difficult zoning process of nearly two years, which is typical of the Bay Area.
A Senior Director with Tremont arranged the loan, which was funded through a pension fund. This forward commitment, permanent loan with a 20-year term and a 20-year amortization period, provided for roughly 80% loan-to-stabilized value. According to Tremont, “Despite some underwriting challenges such as a 30-year ground lease, we were able accommodate the client’s proceeds needs and provide a single source of financing for both the construction and permanent loan. This enabled the borrower to lock in today’s rates. Both Kohl’s and Bed Bath and Beyond are two very strong credit tenants that will add to the economics and retail corridor of the city.”
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
