2006 Transactions
Tremont Arranges $12,500,000
Financing for the Acquisition of Memorial Mall
David
Ross, a Managing Director in Tremont's Boston office, arranged
a $12,500,000 senior mortgage to finance the acquisition
of the Memorial Mall in Sheboygan, WI. The mall is anchored
by Sears, Bed Bath & Beyond, Kohl's, and Hobby Lobby.
The mall encompasses approximately 370,000 SF of retail
space, including Sears, which is tenant-owned. The property
was about 80% occupied at closing. The sponsor's business
plan is to aggressively market and lease-up the vacant space,
with a focus on first attracting a mini-anchor, a task made
easier given the recent addition of the Bed Bath & Beyond
anchor. Ross noted, "Because we were working with a
sophisticated sponsor and management team with a sound business
plan, we were able to procure some very competitive acquisition
financing. The asset itself is very attractive and well
positioned in the Sheboygan market and should realize some
upside in the very near future. The senior loan was non-recourse,
interest-only and priced at Libor + 175."
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
