2006 Transactions
Tremont Funds $30,000,000 Retail Loan
Tremont Realty Capital provided a $30,000,000 acquisition and repositioning loan funded by Tremont’s newest loan program, Tremont-NET Funding, LLC. The initial funding of $17,200,000 was used to assist the borrower, Biltmore Eight, LLC, with the acquisition of the Biltmore Square Mall in Asheville, NC. Subsequent loan disbursements will provide for tenant improvement dollars, leasing commissions and other hard and soft costs. The Tremont bridge loan is providing approximately 90% of total estimated costs over its 3-year term.
The loan was originated by David Ross, a Managing Director in Tremont’s Boston office. The Biltmore Square Mall is located in Asheville, NC and is 493,000 sf in total (333,000 sf net of anchor-owned space). The mall is anchored by Dillards and Belks, and the Sponsors are bringing in regional value retail powerhouse Steve & Barry’s as the third anchor. Ross noted, “The Biltmore Square Mall is very well located in a high traffic area with good demographics. Sponsorship is comprised of experienced local and national retail and real estate professionals. The Sponsor has already added value by signing-up Steve & Barry’s and will continue their business plan to focus on leasing up in-line space and converting month-to-month tenants.”
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email:dross@tremontcapital.com
Phone: 617.867.0700 x773
