2007 Transactions
Tremont Structures $12,700,000 Bridge Financing for Revere Beach Condos
The Boston office of Tremont Realty Capital arranged financing for the acquisition of the remaining land parcels of The Ocean Club, a 242-unit proposed condominium project located on Revere Beach in Massachusetts.
Managing Director David Ross and Senior Director Dennis Walsh of Tremont arranged the $12,700,000 loan, which was funded by a national hedge fund. The short-term bridge loan provided funds to allow the developer to repay some higher cost existing debt and acquire the remaining land parcels critical to The Ocean Club project. According to Ross and Walsh, “The bridge loan allows the developer to continue his marketing efforts, finalize his construction contracts, and arrange the vertical development financing.” The Ocean Club is one of a number of improvements to Revere Beach that include a new boardwalk, other residential projects, and a large transit oriented mixed-use development that are all contributing to the renaissance of Revere Beach, the oldest public beach in the United States.
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Dennis Walsh
Senior Director
Email: dwalsh@tremontcapital.com
Phone: 617.867.0700 x782
