2006 Transactions
Tremont Provides $4,300,000
Mezzanine Loan on Virginia Retail
The
Boston office of Tremont Realty Capital provided financing
for the acquisition of Spotswood Valley Square Shopping
Center, a 205,380 square foot grocery-anchored community
shopping center located in Harrisonburg, Rockingham County,
Virginia.
Dennis Walsh, a Senior Director with
Tremont, arranged the $4,300,000 mezzanine loan, which was
funded through Tremont-GRE Funding LLC, and capped a total
of $14,000,000 in debt. The 6 ½ year (structured
to be coterminous with the Senior Loan), non-recourse loan
provided for 83% loan-to-purchase. The property was 98%
occupied at the time of closing. Major tenants include Kroger
Grocery, Office Depot, TJ Maxx and Fashion Bug. According
to Walsh, "The challenges in closing this transaction
were in securing approval from the special servicer as well
as underwriting a near term lease expiration with the anchor.
Our financial backing and experience with many securitized
lenders facilitated the first hurdle and familiarity with
the market and recognition of the significant sales volume
of the anchor satisfied the latter."
For additional information on this transaction,
please contact:
Dennis Walsh
Senior Director
Email: dwalsh@tremontcapital.com
Phone: 617.867.0700 x782
