2007 Transactions
Tremont Provides $43,000,000 Financing for Church Street Station in Orlando
Tremont Realty Capital provided financing for the acquisition of Church Street Station, a 300,000 sf mixed-use retail project located in Orlando, FL. The property was 25% leased at the time of closing. Major tenants include Cheyenne Saloon, Ceviche’s, and the Improv of Orlando.
Dennis Walsh, a Senior Director, with Tremont, arranged the $43,000,000 loan, which was funded through a Tremont sponsored fund. The 2-year, non-recourse bridge loan provided for roughly 90% loan-to-cost. The project includes excess land for the development of a 300-room hotel. A new sports arena for the Orlando Magic and a new performing arts center are scheduled for development in immediate area. The borrower acquired this property at foreclosure auction and Tremont was able to underwrite the transfer and close the loan within the tight time frame instructed by the court. According to Walsh, “Our borrower had the vision to see the long term potential for this asset which was under-managed by its prior owner. We were time constrained and challenged as far as information flow due to the asset being sold out of bankruptcy. Tremont was able to overcome these hurdles and completed the transaction within just 45 days.”
For additional information on this transaction,
please contact:
Dennis Walsh
Senior Director
Email: dwalsh@tremontcapital.com
Phone: 617.867.0700 x782
