Construction Transactions
Tremont Structures $24,739,000 Financing for Nevada Condos
The Newport Beach office of Tremont Realty Capital arranged financing for the construction of Villas at Sparks Marina in Sparks, NV. The development is a two phase, residential condominium project that will ultimately contain 135 units. Phase I will contain 49 residential, 3 commercial units and a 4-story parking structure containing 266 parking spaces. The property is located adjacent to an 81 acre lake that was formerly a gravel quarry. Additional development surrounding the property will include an 800,000 square foot retail Lifestyle Center, a 23-story hotel/casino and a minor league base ball park.
John Bauer, a Senior Director with Tremont, arranged the $24,730,000 loan, which was funded through a local bank in Los Angeles. The 18-month, recourse loan provided for roughly 72% loan-to-value and 80% of cost with an interest rate floating over prime. The property had 16 pre-sales prior to closing from drive-by inquiries. According to Bauer, “The Borrower was a previous customer who chose Tremont because we were able to quickly structure the financing while the Borrower focused on their business.”
For additional information on this transaction,
please contact:
John Bauer
Senior Director
Email: jbauer@tremontcapital.com
Phone: 949.219.0400
Tremont Structures $10,200,000 Financing for Hawaii Condos
Tremont Realty Capital arranged financing for the land acquisition and construction of 28 condominium units in suburban Honolulu. The development will consist of 14 buildings with two condominium units in each building. The units are approximately 1,280 square feet. Wahiawa is located in central Oahu next to Schofield Barracks. Once a small village, Wahiawa has now become a part of the greater Milani, Pearl City, Honolulu Metropolitan area. It is 18 miles from downtown Honolulu.
A Senior Director in Tremont’s Chicago office arranged the 18-month, $10,200,000 recourse loan, which provided for approximately 80% loan-to-cost. The loan was funded by a national investment banking firm. According to Tremont, “This was an entry level condo development in central Oahu (suburban Honolulu) and was the first new development in the area in over 20 years. This market is highly underserved and yet one of the strongest housing and condo markets in the country. The biggest challenge was finalizing the entitlements, plan approvals and condominium loan documents.”
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
Tremont Structures $14,750,000 Condo
Development Capital
The
Chicago office of Tremont Realty Capital structured capital
for the land acquisition and construction of 2800 W. Chicago
Avenue and 2300 S. Michigan Avenue in Chicago, IL. 2800
W. Chicago Avenue will have 33 residential condos and 9
commercial units. 2300 S. Michigan which is located in Chicago's
"hot south loop" and directly west of McCormick
Place Convention Center will have 99 units, seven stories
tall
Michael
Hart, Senior Director, arranged both transactions. 2800
W. Chicago's $10,400,000 senior loan was funded through
a regional bank and a $1,200,000 mezzanine loan that was
funded through a Tremont sponsored loan program. The total proceeds
provided for 90% loan-to-cost. 2300 S. Michigan was capitalized
with a $2,250,000 senior loan also funded through a local
bank and a $900,000 mezzanine loan that was funded through
the Tremont sponsored loan program. According to Hart, "Tremont
was approached by the client for these transactions to accommodate
a three week closing timeframe for a sensitive acquisition.
Tremont used its proprietary mezz program to credit enhance
the senior and provide the mezzanine debt for the land acquisitions
in a timely manner to accommodate the borrower's timing
and leverage needs."
For additional information on this transaction,
please contact:
Michael Hart
Senior Director
Email: mhart@tremontcapital.com
Phone: 312.236.1162
Tremont Advises in Financing
$145,000,000 Condo Development
Tremont
Realty Capital advised the owners in structuring the capitalization
of a $145 million Florida construction project. Tremont
represented Churchill Development Group LLC and Westminster
Partners LLC, developers of The VUE at Lake Eola, a 35-story
condo tower in downtown Orlando. The VUE is a state-of-the-art,
luxury property with all of the expected amenities, as well
as, novel ones such as the "pet walk" on the seventh
level where residents can walk their pets without leaving
the building and an "amenity deck" next to the
tennis courts. The building also offers biometric fingerprint
scans at all points of "resident-only" entry.
More than 80 percent of the 384 units at The VUE at Lake
Eola were sold before construction started. The VUE is scheduled
for completion in early 2007.
Michael Hart, Senior
Director with Tremont's Chicago office, represented Tremont
in this transaction. Hart noted, "We had a very sophisticated
borrower with a powerful project. Our objective was to make
sure we canvassed the entire capital market spectrum to
provide the right structure for this deal. In the end we
were pleased that the construction/mezz loan put in place
provided optimal capital for our client."
For additional information on this transaction,
please contact:
Michael Hart
Senior Director
Email: mhart@tremontcapital.com
Phone: 312.236.1162
Tremont Structures $92MM
Financing for Boston Condominiums
Tremont Realty Capital
recently completed a capital raise assignment for the acquisition
and redevelopment of The Waterworks at Chestnut Hill, a
new luxury residential condominium development in Boston,
MA. Tremont structured a $75,100,000 construction loan combined
with a $16,900,000 mezzanine loan, which together provided
98% of the total project costs. The property includes the
historic rehab of four turn-of-the-century existing buildings,
as well as, ground-up development of a new six-story building.
In total, The Waterworks at Chestnut Hill will deliver 112-residential
units across the entire 7.9-acre site. The project enjoys
a premiere location abutting the historic Olmstead designed
landscape, and water views of The Chestnut Hill Reservoir.
The property is within walking distance of a transportation
hub, shops, theatres, restaurants and the Boston College
Chestnut Hill campus.
Tremont Realty Capital Senior Director Dennis
Walsh and Managing Director David Ross worked with the developer,
Waterworks Park LLC, to arrange the construction and mezzanine
loan financing. Tremont pursued this opportunity with both
foreign and domestic capital sources due to the unique characteristics
and size of this investment. According to Walsh, "Tremont
was very confident of investor and financing interest due
to the quality of the development team and the appeal of
this project. To find water views, in a low-density development,
in a high-demographic area with access to public transportation
and retail/restaurant amenities in walking distance is rare.
The sponsorship's success in pre-development and marketing
activities, including achieving over 50% in pre-sales reduced
a lot of risk in the transaction and made the capital sources
comfortable."
For additional information on this transaction,
please contact:
Dennis Walsh
Senior Director
Email: dwalsh@tremontcapital.com
Phone: 617.867.0700 x782
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Tremont
Structures $22,300,000 Capitalization of 58-Unit Condo Project
Tremont
Structures $10,000,000 Financing for Construction of Restaurant
Tremont
Advises on $22,000,000 Masschusetts Condo Conversion
Tremont
Structures $19,500,000 Capital Stack for Condo Construction
Tremont
Arranges $8,475,000 for Boston Apartments
Tremont
Structures $35,000,000 Florida Condominium Construction
Loan
Tremont
Arranges $3,250,000 Construction Loan for Industrial Property
Tremont
Arranges $5,400,000 Financing for The Elms of Hanover
Tremont
Structures $3,300,000 Financing for 41 Lyman Street
Tremont
Arranges $12,000,000 Financing for The Residences at Chestnut
Hill
Tremont
Arranges $3,700,000 Financing for Storage Unlimited
