2006 Transactions
Tremont Closes $7,200,000 Mezzanine
Loan for Arizona Development
Through
its Boulder Tremont Fund, an opportunistic preferred equity
and mezzanine program, the Boston office of Tremont Realty
Capital made a $7.2 million loan secured by a mezzanine
position in a project being developed at the Troon North
Golf Club in Scottsdale, Arizona. The project’s site
is 12.4 acres along holes one through nine of one of the
golf courses. Upon completion, the project will be a Residence
Club with each condominium unit to be sold in deeded fractional
interests.
David Ross, Managing Director and Rick Gallitto, Executive Director with Tremont Realty Capital, structured the $7.2 million loan, which capped a total of $20.2 million in debt. The 12-month loan allowed the borrower to begin development and repay some seller financing. According to Tremont, “the project required a highly-customized and flexible capital solution, which Tremont delivered in a very quick time frame. The mezzanine loan was structured with an initial funding of $5.9MM and additional construction funds of $1.3MM.”
For additional information on this transaction, please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Rick Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 617.867.0700 x772
