2006 Transactions
Tremont Structures $20,000,000
Condo Conversion Financing
The
Chicago office of Tremont Realty Capital structured financing
for the acquisition and conversion of Pebblewood Court Apartments
in Hanover Park, Illinois.
Mariya Khasina, Michael Hart, and Thomas
Lorenzini structured the $17,500,000 senior loan that was
funded through a major institutional lender and a $2,700,000
preferred equity loan that was provided by the Boulder Tremont
Fund. The 2-year loan provided for roughly 83% loan-to-cost
with preferred equity providing gap capital to 95% loan-to-cost.
The property is an existing 220-unit apartment complex at
the time of closing. According to Ms. Khasina, "The
loan was structured to allow the developers maximum leverage
to best accommodate their two year business plan."
For additional information on this transaction,
please contact:
Mariya Khasina
Associate Director
Email: mkhasina@tremontcapital.com
Phone: 312.236.4864
Michael Hart
Senior Director
Email: mhart@tremontcapital.com
Phone: 312.236.1162
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
