2007 Transactions

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Tremont Closes $25,000,000 Florida Retail Loan

The Boston office of Tremont Realty Capital originated and closed a $25,000,000 loan to assist with the acquisition and lease up of Delray Square II, a 151,000 square foot retail plaza located in Delray Beach, FL. 

David Ross, a Managing Director with Tremont, originated the 3-year, limited-recourse loan provided for roughly 90% of the acquisition and renovation costs of the project at a competitive Libor based interest rate.  The property was 75% occupied at the time of closing.  Major tenants include Big Lots and the Social Security Administration. According to Ross, “Tremont was able to structure and deliver a proprietary Tremont loan product that provided very high leverage, a competitive interest rate and funds to reposition the property based on the sponsor’s business plan, project team and knowledge of the Delray Beach market.  The property is located in an “A” location at the intersection of two major thoroughfares in a densely populated area.”

For additional information on this transaction, please contact:

David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773