2006 Transactions
Tremont Arranges $6,250,000
Financing for Nevada Land Acquisition
Tremont Realty Capital arranged financing
for the acquisition of the Wolf Creek Resort Development,
a 7.02 acre land development parcel zoned to accommodate
260 condominium units located in Mesquite, Nevada.
Tremont
arranged the 6-month, $6,250,000 loan, which provided for
50% loan-to-value with a 12% interest rate. According to
Tremont, "The subject land had been tied up in protracted
bankruptcy proceedings and the sponsor was able to secure
the land at a considerable discount on the basis of a very
quick closing. Gathering accurate information on the land
was very difficult due the bankruptcy proceeding, so Tremont
had to manually research the key zoning and easement information,
complete a new survey, complete a new appraisal, and gather
all of the critical supporting market intelligence in the
course of 10 business days. Concurrently, Tremont selected
a lender that we knew had the capabilities of moving very
quickly in order to ensure that we were able to meet the
very tight closing deadline."
For additional information on this transaction,
please contact:
Richard Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 617.867.0700 x772
