Equity Transactions
Tremont Structures and Funds $71,000,000
Land Loan Financing
The
Chicago office of Tremont Realty Capital structured acquisition
financing for Terra Cotta, a 1,077-acre, mixed-use land
entitlement project located in Prairie Grove, IL adjacent
to Crystal Lake. This northern Chicago suburban location
is entitled for the construction of town homes, single family
homes and retail. This development will add 1,100 new residential
properties and will increase the village population by 3,900
from its current population of 1,000.
Tony Kolomayets, a Senior Director with Tremont,
arranged the $55,612,000, 12-month senior land loan and
the Boulder Tremont Fund provided $16MM of mezzanine financing
for most of the balance of the land cost for a local Chicago
developer. The non-recourse loan was priced over 30- Day
LIBOR. Terra Cotta is a major infill 1,000 acre suburban
Chicago retail and single family land project. Until recently,
numerous developers attempted to entitle this land and were
unsuccessful. The large parcel was finally entitled this
past fall, but had a very short time fuse to be taken down
by the borrower. Tremont arranged the senior debt, and provided
preferred equity at a very high loan-to-cost leverage level
due to the compelling nature of the deal.
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
Tremont Realty Capital
Arranges Financing for $102,000,000 Mall Acquisition
Tremont
Realty Capital advised IPofA West Oaks LP in structuring
the capitalization of the $102 million mall acquisition.
The proceeds funded the purchase of the West Oaks Shopping
Mall, a 498,829 square foot, enclosed, institutional grade,
regional shopping center in Houston, Texas. It is 90% leased
and anchored by Sears, Linens 'n Things, The Alamo Drafthouse,
Steve and Barry's, as well as, tenant-owned Dillard's and
Foleys.
David Ross, a Managing Director in Tremont's
Boston office, arranged a $98 million financing package
that included $80 million of senior debt and $18 million
of preferred equity. Ross noted, "Working with a sophisticated
borrower, along with experienced and knowledgeable capital
providers, allowed us to work around some of the unique
challenges associated with financing an asset of this size
and complexity in a very short time frame. In addition,
the asset itself is very attractive and well positioned
in the Houston market and should realize some upside in
the very near future."
For additional information on this transaction, please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x772
Tremont
Structures $1,150,000 Preferred Equity Investment
Tremont
Structures $5,000,000 Preferred Equity Investment in 7 Days!
Tremont
Arranges Sale of $16,700,000 Florida Office Building
Tremont
Structures $44,500,000 Equity Capital for California Mixed-Use
Development
Tremont
Arranges $8,000,000 Equity for Atlanta Power Center
Tremont
Structures $8,000,000 Preferred Equity Investment in Industrial
Portfolio
