Tremont Structures $3,400,000 Financing for Texas Multifamily
The Hartford office of Tremont Realty Capital arranged financing for the refinance of Summit Apartments, a 149-unit apartment complex located in Wichita Falls, TX.
Stephen Henderson, a Senior Director with Tremont, arranged the $3,400,000 bridge loan, which was funded through a regional bank. The 2-year loan had a prime based interest rate. The property was 99% occupied at the time of closing. According to Henderson, “The loan provided the sponsor with a short term answer to fit their needs. The proceeds enabled the sponsor to buy out a partner and provided funds for renovating a neighboring property. Even in a challenging lending environment, the sponsor and lender were able to work together and get the deal closed.”
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