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The Chicago office of Tremont Realty Capital arranged the debt financing for the acquisition of Autumn Oaks, a 176-site manufactured housing community located in Winston Salem, North Carolina.
Tom Lorenzini, a Managing Director with Tremont, arranged the $3,680,000 fixed-rate loan, which was funded through a conduit lender relationship. The 10-year, non-recourse loan provided for approximately 75% loan to cost including 30 rental homes with a 6% interest rate. The property was 85% leased at the time of closing. Developed in 1998, amenities include a children’s playground, a clubhouse, a pool and a sun deck. According to Lorenzini, “While many lenders shy away from communities with rental homes, we were able to include the rental home income to satisfy the debt coverage tests.”
Tom Lorenzini -
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960 |
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The Chicago office of Tremont Realty Capital arranged the debt financing for the acquisition of Homestead Village, a 175-site manufactured housing community located in Raleigh, North Carolina.
Tom Lorenzini, a Managing Director with Tremont, arranged the $3,440,000 fixed-rate loan, which was funded through a conduit lender relationship. The 10-year, non-recourse loan provided for approximately 72% loan to value with a 6% interest rate. The property was 95% leased at the time of closing. Amenities include a community office building and a children’s playground. According to Lorenzini, "This was our third deal in this particular market over the last few months, which allowed us to move extremely quickly and meet the borrower’s tight time frame for closing."
Tom Lorenzini -
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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The Chicago office of Tremont Realty Capital arranged the debt financing for the acquisition of Cottage Cove, a 206-site manufactured housing community located in Kannapolis, North Carolina.
Tom Lorenzini, a Managing Director with Tremont, arranged the $4,879,000 loan, which was funded through a conduit lender relationship. The 10-year, non-recourse loan provided for approximately 76% loan to cost including over 100 rental homes with a 6% interest rate. The property was 95% leased at the time of closing. Amenities include a community office and playground. According to Lorenzini, “Given the high quality of the community and the homes, we were able to include the 100+ homes in the purchase price and include the income to satisfy the debt coverage tests.”
Tom Lorenzini - Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960 |
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The Chicago office of Tremont Realty Capital arranged the debt refinancing of Royal Highlander, a 280-site manufactured housing community located in Peoria, Illinois.
Tom Lorenzini, a Managing Director with Tremont, arranged the $3,888,500 loan, which was funded through a relationship CMBS lender. The five year, non-recourse fixed rate loan provided for a 70% loan to value with a low 6% interest rate. The property was 80% occupied at the time of closing. Amenities include a clubhouse, an office and a children’s playground. According to Tom Lorenzini, “We were able meet the borrower’s tight timing needs by closing within 4 days of loan commitment.“
Tom Lorenzini - Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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The Chicago office of Tremont Realty Capital arranged the debt refinancing of Penland Park MHC, a 389-site manufactured housing community located in Anchorage, Alaska.
Tom Lorenzini, a Managing Director with Tremont, arranged the $11 million fixed-rate loan, which was funded by a commercial real estate lender. The 10-year term loan has a 30-year amortization schedule and is non-recourse. The loan provided for roughly 72% loan to value with a 6% interest rate. The property was 93% occupied at the time of closing and has a long history of stable cash flow. According to Lorenzini, “We were able to close this loan, which included the recapture of imputed equity, in less than 48 hours after commitment in a very turbulent market.”
Tom Lorenzini - Managing Director
Email:
tlorenzini@tremontcapital.com
Phone: 312.236.0960 |
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The Chicago office of Tremont Realty Capital arranged the debt refinancing of Southwood Manor MHC, a 417-site manufactured housing community located in Anchorage, Alaska.
Tom Lorenzini, a Managing Director with Tremont, arranged the $11,050,000 fixed-rate loan, which was funded through a relationship CMBS lender. The 10-year term loan has a 30-year amortization schedule and is non-recourse. The loan provided for roughly 72% loan to value with a 6% interest rate. The property was 97% occupied at the time of closing. The borrower, Nodel and Associates, is a long term client of Lorenzini, and is the largest manufactured housing community owner/operator in the state of Alaska. According to Lorenzini, “We were able to fund this loan within 48 hours of receiving loan approval in a very turbulent market.”
Tom Lorenzini -
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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The Boston office of Tremont Realty Capital arranged the joint venture equity investment for our clients’ acquisition of Pratt Homes, a 45-unit elderly-housing, multifamily property located in New Hampshire.
David Ross, a Managing Director with Tremont, arranged the equity investment, which was funded by a boutique equity fund. The transaction was the second equity deal between the two parties. According to David Ross, “Both the sponsor and the investor were delighted that they have been able to consummate multiple transactions together and look forward to many more.”
David Ross - Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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The Boston office of Tremont Realty Capital arranged a joint venture equity investment for our clients’ acquisition of Waterford at Cypress Lake, a 450 unit multifamily property located in Tampa, Florida.
David Ross, a Managing Director with Tremont, arranged the equity investment, which was made by a boutique equity fund. Tremont introduced the sponsor to the equity fund and advised the sponsor on the joint venture terms and structure. According to David Ross, “The sponsor is thrilled with their new partner and looks forward to closing more transactions with them.”
David Ross -
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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The Chicago office of Tremont Realty Capital structured financing for the refinance of Oakwood MHC, a 215-unit manufactured housing community located in Kenosha, WI.
Tom Lorenzini, a Managing Director with Tremont, arranged the $4,500,000 loan, which was funded through one of Tremont’s correspondent relationships. The five year non-recourse loan provided for roughly 63% loan-to-value with a 5.25% interest rate. According to Lorenzini, “Given Tremont’s successful track record with manufactured housing communities, we were able to ensure a smooth and timely closing for the borrower despite the challenging capital markets.
Tom Lorenzini -
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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The Annapolis office of Tremont Realty Capital structured financing for the refinance of MacLeod’s MHC, a 376-unit manufactured housing community located in Riverhead, NY.
John Chase, a Senior Director with Tremont, arranged the $14,500,000 loan, which was funded through one of Tremont’s correspondent relationships. The 10 year loan provided for roughly 65% loan-to-value with a 5.95% interest rate. According to Chase, “The sponsor and Tremont’s correspondent were able to work through issues related to 346 buried heating oil tanks and still able to provide a timely funding that provided a non-recourse loan with equity recapture.”
John Chase -
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
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The Chicago office of Tremont Realty Capital advised the owner on the sale of Club Wildwood, an age restricted, 478-site Manufactured Housing Community located in Hudson, Florida.
Tom Lorenzini, a Managing Director with Tremont, advised Club Wildwood LLC in the disposition of Club Wildwood to National Home Communities (NHC), a Phoenix-based owner/operator of high quality Manufactured Housing Communities. NHC was represented by the Tampa Florida office of Marcus and Millichap. The property was 95% occupied at the time of closing. Amenities at the retirement community include a clubhouse, swimming pool and tennis courts. According to Lorenzini, “We were able to identify a buyer who was capable of closing in this difficult financing market. Our client was very pleased with the price received.”
Tom Lorenzini -
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960 |
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The Boston office of Tremont Realty Capital arranged specialty financing to provide for the acquisition of residential and commercial tax liens in the Northeast and Midwest regions of the United States.
David Ross, a Managing Director with Tremont, arranged the $5,000,000 line of credit, which was funded through a Tremont specialty finance client. The three year line of credit provided for roughly 90% of costs with a very attractive interest rate. According to Mr. Ross, “The Sponsor is a seasoned tax lien investor with a substantial existing portfolio. Their infrastructure and process impressed the capital provider and allowed Tremont to obtain very attractive 90% of cost financing.”
David Ross -
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773 |
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The Boston office of Tremont Realty Capital arranged financing for the refinance of 54 Middlesex Turnpike, a two story, 42,500 square foot, multi-tenant office building and separate 8,068 square foot daycare center located on 6.7 acres in Bedford, MA.
David Ross, a Managing Director with Tremont, arranged the $4,749,500 loan, which was funded through a local bank. The 20 year loan provided for roughly 70% loan-to-value with a 5.75% interest rate. The property is located near Routes 95 and 3. According to Ross, “The owners had just completed the addition of a free-standing, 8,000 square foot daycare center at the property. They had financed the new improvements out of pocket and were looking for a new permanent loan to refinance the existing loan, in order to recoup some of their recent investment into the daycare center. While the daycare center was a start-up, the location was terrific and the office history and rent roll were compelling.”
David Ross -
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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Tremont Realty Capital successfully completed an advisory assignment in connection with a note sale for an institutional portfolio lender. The $74,350,000 note, which was in the foreclosure process, is secured by 28 acres in the Florida Keys. While zoned for a luxury condo-hotel resort, the current use is the Fiesta Key RV Resort and Marina.
Tom Lorenzini, a Managing Director in Tremont’s Chicago office and John Chase, a Senior Director in Tremont’s Annapolis office arranged the sale. According to Lorenzini, “We were able to quickly identify a buyer who closed within 21 days of executing a purchase contract. A truly remarkable feat in today’s capital constrained environment especially given that the foreclosure process was on-going.
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Additional Transactions
Tremont Acquires $42,500,000 Bridge Loan from a National Lender
Tremont Structures $3,400,000 Financing for Texas Multifamily
Tremont Structures $8,600,000 Financing for Chicago Industrial Property
Tremont Structures $9,360,000 Financing for Richland Meadows MHC
Tremont Structures $14,000,000 Financing for Connecticut Land Development
Tremont Structures $3,000,000 Financing for Connecticut Bank Portfolio
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