Multifamily Transactions
Tremont Structures $9,360,000 Financing for Richland Meadows MHC
The Annapolis office of Tremont Realty Capital arranged capital for the refinance of Richland Meadows MHC, a 70 acre, 406-unit manufactured housing community located in Quakertown, PA.
John Chase, a Senior Director with Tremont, arranged the $9,360,000 loan, which was funded through one of Tremont’s correspondent relationships. The 10 year, non-recourse loan provided for roughly 65% loan-to-value with a 6.4% interest rate. The property is located within three miles of Interstate 476, which provides easy access to Philadelphia. According to Chase, “It was tricky to navigate this loan closing through the turbulence of the current capital markets. Strict and ever evolving underwriting criteria resulted in a $300,000 shortfall in loan proceeds. Tremont was able to devise a creative structure which enabled the Sponsor to borrow the additional funds as an unsecured personal loan from an affiliate lender.” Chase also added, “At rate lock interest rates had fallen 18 basis points below the Sponsor-approved pricing. Legally, the lender could have added it to their spread, but, instead with Tremont’s help, the reduction was passed through to the borrower resulting in interest savings of $168,000 over the life of the loan.”
For additional information on this transaction,
please contact:
John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
Tremont Structures $2,715,000 Financing for Wyoming MHC
The Chicago office of Tremont Realty Capital arranged financing for the acquisition of Antelope RV & Mobile Home Park, a 120-site MHC located in Gillette, Wyoming.
Thomas Lorenzini, a Managing Director with Tremont, arranged the $2,715,000 first mortgage loan, which was funded through a local Chicago bank. The 36-month, recourse loan provided for roughly 75% loan-to-value with a 6% interest rate. The property was 99% occupied at the time of closing. Amenities include a children’s playground. According to Lorenzini, “Tremont was able to arrange the financing and facilitate a quick close for the client despite the challenging capital markets.”
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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.”
For additional information on this transaction,
please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
Tremont Structures $5,250,000 Financing for Illinois MHC
The Chicago office of Tremont Realty Capital arranged financing for the refinance of Valley View Estates, a 234-site manufactured housing community located in Shiloh, Illinois.
Thomas Lorenzini, a Managing Director with Tremont, arranged the $5,250,000 loan, which was funded through a Fannie Mae DUS lender. The 9-year, non-recourse loan provided for roughly an 80% loan-to-value with a 5.86% interest rate. The property was 93% occupied at the time of closing. Amenities include a playground and a basketball court. 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 during this turbulent market.”
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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
Tremont Structures $12,000,000 Financing for Illinois Condominiums
The Chicago office of Tremont Realty Capital arranged financing for the refinance of Pebblewood Court Condominiums, a 220-unit, 475,689 square foot complex located in Hanover Park, Illinois.
Mike Hart, a Senior Director with Tremont, arranged the 24-month, $12,000,000 first mortgage loan, which provided 72% loan-to-cost. The property occupies 10.5 acres and consists of 11 buildings that were built in 1973. According to Mike Hart, “The loan Tremont structured enables the sponsor to convert the remaining 150-units in the inventory to condominium quality.”
For additional information on this transaction,
please contact:
Michael Hart
Senior Director
Email: mhart@tremontcapital.com
Phone: 312.236.1162
Tremont Structures $41,000,000 Mezzanine Financing for Vail, CO Hospitality
The Boston office of Tremont Realty Capital arranged the mezzanine financing for the Four Seasons Hotel and Resort, a first five-star hotel and resort facility to be offered in Vail. The property is situated at One Vail Road and will serve as the gateway to Vail Village in Vail, Colorado.
Tremont, arranged the $41,000,000 loan with a New York based fund. The mezzanine loan capped a total of approximately $230,000,000 in debt. Upon completion, the property will include a 120-room hotel and 35 condominium residences. A portion of the residences will be sold in fractional interests and included in the Four Seasons Residence Club network. The property will also include conference center facilities, spa services, and other amenities consistent with the world’s finest five-star resorts. According to Tremont, “Vail Village is already considered a world-class resort destination with first class accommodations, but this outstanding sponsorship team will be delivering a product that will be of a quality unmatched in Vail. Knowing this asset will be a huge success, our client wanted to maximize leverage. Tremont developed a short list then ultimately selected a capital partner that could execute a large mezzanine loan at optimal pricing.
For additional information on this transaction,
please contact:
Richard Gallitto
Executive Director
Email: rgalitto@tremontcapital.com
Phone: 617.867.0700 x772
Tremont Structures $3,650,000 Financing for Resident Owned MHC
The Chicago office of Tremont Realty Capital arranged financing for the acquisition of Paradise Park, an adult only, 180-unit manufactured housing community located in Largo, Florida.
Tom Lorenzini, a Managing Director with Tremont, arranged the $3,650,000 loan, which provided for 67 % of the purchase price. The 10-year, non-recourse loan was priced in the very low 6% range. The property was 100% occupied at the time of closing. The property was acquired by the Resident Homeowners Association and converted from a traditional land lease community to a resident owned co-operative. Approximately 40% of the existing residents converted to shareholders in the cooperative with the rest remaining as renters. Amenities include a swimming pool, clubhouse, laundry facilities, spa, shuffleboard courts and horseshoe pits.
According to Lorenzini, “Tremont was able to structure a very flexible loan, which allowed for an annual prepayment of a portion of the mortgage without penalty, as additional shares are sold in the co-op and residents convert from renters to shareholders. At the same time, we provided a long-term, fixed rate note at a very attractive interest rate. “
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
