Recent Transactions
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 Acquires a $42,500,000 Bridge Loan from a National Lender
Tremont Realty Capital recently acquired a $42,500,000, performing first mortgage loan. The Note was originated as a bridge loan in July of 2007 by a national lender, and is secured by first mortgages on two well-located Class B office buildings in the metro-suburban areas of Dallas and Chicago (325,000 and 179,000 square feet, respectively).
Rick Gallitto, an Executive Director with Tremont, was presented with the opportunity directly from the existing lender, and Tremont purchased the Note all cash. The properties were approximately 50% occupied at the time of Tremont’s closing. According to Gallitto, “Purchasing the Note presented Tremont with a great opportunity to invest in quality assets with great public entity sponsorship.”
For additional information on this transaction,
please contact:
Richard Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 617.867.0700 x772
Tremont Structures $3,500,000 Financing for Illinois Land
The Chicago office of Tremont Realty Capital arranged financing for the refinance of Lindenhurst Village Green, a 138-acre land development deal, located in Lindenhurst, Illinois.
Tony Kolomayets, a Senior Director with Tremont, arranged the $3,500,000 loan which was funded through Hyde Park Bank. The 12-month, recourse loan provided for roughly 65% loan-to-value with a 9.5% interest rate. According to Kolomayets, “In spite of being in a difficult environment for land loans, this project was extremely attractive, mainly due to the neighboring retail development, which included major national retail “big box” tenants. The retail development next door is a natural magnet for neighboring residential development.
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
Tremont Structures $3,000,000 Financing for Connecticut Bank Portfolio
The Hartford office of Tremont Realty Capital arranged financing for the refinance of a portfolio of bank buildings located in various locations throughout Connecticut.
Stephen Henderson, a Senior Director with Tremont, arranged the $3,000,000 loan, which was funded through a regional bank. The 10-year, non-recourse loan provided for roughly 75% loan-to-value, with a competitive interest rate. The properties were 100% occupied at the time of closing. Major tenants included local and national banks. According to Henderson, “The borrower was looking for flexibility within the transaction and we were able to obtain the provisions they needed with this loan structure.” The borrower has used Tremont many times over the years due to our ability to provide multiple options on each occasion.
For additional information on this transaction,
please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
Tremont Funds $56,797,661 Bridge Loan for Outlet Centers
Tremont Realty Capital provided first mortgage financing for the acquisition of 310,813 square foot Lodi Station outlet center in Lodi, Ohio and the refinance of 323,507 square foot Lakeland Station outlet center in Lakeland, Tennessee. The loans closed August 7, 2007.
John Bauer, a Senior Director with Tremont, originated the $56,797,661 senior bridge loan, which was funded through one of Tremont’s proprietary funds. The 36-month loan term provided for leverage of 90% loan-to-cost, and the centers were 78% and 74% leased, respectively. The new owner will rehabilitate the exterior to bring it up to modern standards and re-theme the centers. The bridge loans were non-recourse with an interest rate based on LIBOR. The major tenants in the centers include Gap, Eddie Bauer, Liz Claiborne, Polo, Nautica and Bose. According to Bauer, “The Borrower was able to use imputed equity in the center that it owned already to increase the leverage and reduce cash outlay. This structure facilitated the financing of both assets with minimal costs.”
For additional information on this transaction,
please contact:
John Bauer
Senior Director
Email: jbauer@tremontcapital.com
Phone: 949.219.0400
Tremont Closes $25,000,000 Florida Retail Loan
The Boston office of Tremont Realty Capital originated and closed a $25,000,000 loan to assist with the acquisition and lease up of Delray Square II, a 151,000 square foot retail plaza located in Delray Beach, FL.
David Ross, a Managing Director with Tremont, originated the 3-year, limited-recourse loan provided for roughly 90% of the acquisition and renovation costs of the project at a competitive Libor based interest rate. The property was 75% occupied at the time of closing. Major tenants include Big Lots and the Social Security Administration. According to Ross, “Tremont was able to structure and deliver a proprietary Tremont loan product that provided very high leverage, a competitive interest rate and funds to reposition the property based on the sponsor’s business plan, project team and knowledge of the Delray Beach market. The property is located in an “A” location at the intersection of two major thoroughfares in a densely populated area.”
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Tremont Structures $8,100,000 Financing for Virginia Office Building
The Boston office of Tremont Realty Capital arranged financing for the refinance of Lafayette One, a 49,000 square foot office property located in Chantilly, VA.
David Ross, a Managing Director with Tremont, arranged the $8,100,000 loan. The 2-year, non-recourse loan provided for roughly 80% loan-to-value with a floating interest rate of Libor plus 225. The property was 100% occupied at the time of closing (with a major tenant vacating in 6 months). Property tenants include Washington Homes and RE/Max. According to Ross, “Tremont was able to structure a loan that provided a competitive interest rate, reasonable leverage and safeguards in the face of a dynamic rent roll and provided the Borrower with the funding and leasing reserves they were seeking."
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Tremont Provides $43,000,000 Financing for Church Street Station in Orlando
Tremont Realty Capital provided financing for the acquisition of Church Street Station, a 300,000 sf mixed-use retail project located in Orlando, FL. The property was 25% leased at the time of closing. Major tenants include Cheyenne Saloon, Ceviche’s, and the Improv of Orlando.
Dennis Walsh, a Senior Director, with Tremont, arranged the $43,000,000 loan, which was funded through Tremont’s NET Fund. The 2-year, non-recourse bridge loan provided for roughly 90% loan-to-cost. The project includes excess land for the development of a 300-room hotel. A new sports arena for the Orlando Magic and a new performing arts center are scheduled for development in immediate area. The borrower acquired this property at foreclosure auction and Tremont was able to underwrite the transfer and close the loan within the tight time frame instructed by the court. According to Walsh, “Our borrower had the vision to see the long term potential for this asset which was under-managed by its prior owner. We were time constrained and challenged as far as information flow due to the asset being sold out of bankruptcy. Tremont was able to overcome these hurdles and completed the transaction within just 45 days.”
For additional information on this transaction,
please contact:
Dennis Walsh
Senior Director
Email: dwalsh@tremontcapital.com
Phone: 617.867.0700 x782
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 $18,100,000 Financing for Kentucky Hotel Portfolio
The Chicago office of Tremont Realty Capital arranged refinancing of a hotel portfolio in Lexington, Kentucky, which included a Baymont Inn, a Holiday Inn, and a Best Western totaling just over 500 rooms.
Tony Kolomayets, a Senior Director with Tremont, arranged the $18,100,000 loan through a national bank. The recourse loan provided for roughly 75% loan-to-value with an 8% interest rate. According to Kolomayets, “There were three separate hotels/flags located next to each other, all doing well. There were no unique nuances in the transaction, except that one flag would do better one year, than the others, and then that would flip flop the following year. This had to be taken into consideration from an underwriting perspective, since the borrower wanted to maximize the loan proceeds.
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
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 $11,440,000 Financing for North Carolina Retail
The Hartford and Boston offices of Tremont Realty Capital arranged financing for the acquisition of Battleground Plaza, a 146,000 square foot shopping center located in Greensboro, NC.
Stephen Henderson, a Senior Director with David Ross, a Managing Director at Tremont, arranged the $11,400,000 loan, which was funded through a national lender. The 10-year, non-recourse loan provided for roughly 80% loan-to-value. Major tenants include Big Lots, Tuesday Morning, and Gold’s Gym. According to Henderson, “The area is a great retail market and Tremont was able to provide the lender with information to get them comfortable with the deal. Tremont provided the borrower with several options including several high leverage options before settling on this deal.
For additional information on this transaction,
please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Tremont Provides $12,154,000 Financing for Massachusetts Office Building
The Boston office of Tremont Realty Capital provided financing for the refinance of 201 Burlington Road, a 3-story, 129,324 square foot office building located in Bedford, Massachusetts.
Tremont made the 12,154,000 first mortgage loan, which was funded through the Tremont-NET Fund. The 3-year, non-recourse loan provided for roughly 90% loan-to-value. The property was 45% occupied at the time of closing. The major tenant is Reveal Imaging Technologies, an airport security screening technology company. According to Dan Mee, Executive Director, “Tremont saw this opportunity through J.M. Feeney & Associates, a prominent regional mortgage broker. Their client sought a high leverage loan with quick turnaround due to the acquisition. We were pleased that Tremont was able to accommodate everyone’s needs.”
For additional information on this transaction,
please contact:
Daniel Mee
Executive Director
Email: dmee@tremontcapital.com
Phone: 617.867.0700 x777
Tremont Provides $3,000,000 Office Mezzanine Loan
The Boston office of Tremont Realty Capital arranged mezzanine financing for the acquisition of 10 Fawcett Street, a 130,304 square foot, first-class office building located in Cambridge, Massachusetts.
Dennis Walsh, a Senior Director with Tremont, arranged the $3,000,000 mezzanine loan, which was funded through Tremont-GRE Funding LLC, and capped a total of $20,000,000 in debt. The 36-month, non-recourse loan provided for roughly 90% loan-to-value financing. The property was 87% occupied at the time of closing. Major tenants include Cambridge Trust Company, which occupies 21% of the space. According to Walsh, “We were able to quickly match up the borrower’s financing needs to one of the many direct loan high leverage products we manage. By assisting in the front-end of the borrower’s purchase, we were also able to execute in a timeframe that met a stringent closing date.”
For additional information on this transaction,
please contact:
Dennis Walsh
Senior Director
Email: dwalsh@tremontcapital.com
Phone: 617.867.0700 x782
Tremont Structures $14,000,000 Financing for Connecticut Land Development
The Hartford office of Tremont Realty Capital structured financing for the refinance of City Place, a to-be-built, 102-unit luxury condominium project located in Stamford, Connecticut.
Stephen Henderson, a Senior Director with Tremont, arranged the $14,000,000 bridge loan, which was funded through a capital partner. The property has all approvals and the developer is getting ready to commence construction. According to Henderson, “Timing was paramount to the transaction and with the cooperation of the borrower and his broker Mark Conzelmann of Pinnacle Financial Group; Tremont was able to meet the Borrower’s needs.”
For additional information on this transaction,
please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
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 $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
