2007 Transactions
Tremont Funds $56,797,661 Bridge Loan for Outlet Centers
Tremont Realty Capital provided first mortgage financing for the acquisition of 310,813 square foot Lodi Station outlet center in Lodi, Ohio and the refinance of 323,507 square foot Lakeland Station outlet center in Lakeland, Tennessee. The loans closed August 7, 2007.
John Bauer, a Senior Director with Tremont, originated the $56,797,661 senior bridge loan, which was funded through one of Tremont’s proprietary funds. The 36-month loan term provided for leverage of 90% loan-to-cost, and the centers were 78% and 74% leased, respectively. The new owner will rehabilitate the exterior to bring it up to modern standards and re-theme the centers. The bridge loans were non-recourse with an interest rate based on LIBOR. The major tenants in the centers include Gap, Eddie Bauer, Liz Claiborne, Polo, Nautica and Bose. According to Bauer, “The Borrower was able to use imputed equity in the center that it owned already to increase the leverage and reduce cash outlay. This structure facilitated the financing of both assets with minimal costs.”
For additional information on this transaction,
please contact:
John Bauer
Senior Director
Email: jbauer@tremontcapital.com
Phone: 949.219.0400
