2006 Transactions
Tremont Structures $24,739,000 Financing for Nevada Condos
The Newport Beach office of Tremont Realty Capital arranged financing for the construction of Villas at Sparks Marina in Sparks, NV. The development is a two phase, residential condominium project that will ultimately contain 135 units. Phase I will contain 49 residential, 3 commercial units and a 4-story parking structure containing 266 parking spaces. The property is located adjacent to an 81 acre lake that was formerly a gravel quarry. Additional development surrounding the property will include an 800,000 square foot retail Lifestyle Center, a 23-story hotel/casino and a minor league base ball park.
John Bauer, a Senior Director with Tremont, arranged the $24,730,000 loan, which was funded through a local bank in Los Angeles. The 18-month, recourse loan provided for roughly 72% loan-to-value and 80% of cost with an interest rate floating over prime. The property had 16 pre-sales prior to closing from drive-by inquiries. According to Bauer, “The Borrower was a previous customer who chose Tremont because we were able to quickly structure the financing while the Borrower focused on their business.”
For additional information on this transaction,
please contact:
John Bauer
Senior Director
Email: jbauer@tremontcapital.com
Phone: 949.219.0400
