Recent Transactions
Tremont Structures 90% LTC $5,000,000 Revolving Line of Credit for Tax Lien Acquisitions
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.”
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Tremont Structures $4,500,000 Financing for Wisconsin Manufactured Housing Community
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.
For additional information on this transaction,
please contact:
Tom Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
Tremont Advises on $20,500,000 Sale of Florida MHC
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.”
For additional information on this transaction,
please contact:
Tom Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
Tremont Structures $14,500,000 Financing for MHC
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.”
For additional information on this transaction,
please contact:
John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
Tremont Realty Capital’s CREST Team Wins International Bank Asset Management / Sales Assignment
Tremont Realty Capital, LLC has been appointed by a major international bank to act as a third party asset manager on multiple assets in its portfolio. The portfolio includes a 150-unit age restricted residential community development on the East Coast, and a 216-unit partially sold luxury condominium development on the West Coast. Similar to many other residential projects across the country, unit sales and development came to a stop as a result of the credit crisis and economic downturn. Tremont was engaged to asset manage and stabilize each asset, as well as, formulate short and long term goals including possible exit strategies with Tremont’s asset sale partner Keystone Realty Capital. Executive Director, Daniel Mee said, “Tremont won this competitive engagement largely due to our direct experience and national presence. The client noted that Tremont’s focused approach with senior personnel was very compelling to them.”
The Tremont Commercial Real Estate Solutions Team (CREST) provides real estate portfolio consulting services to creditors, banks, private lenders and institutional investors, including comprehensive strategy formulation, asset management, work-out and disposition services. Members of the Tremont CREST team have significant work-out experience, as well as, extensive real estate ownership, development and management track records. Combined, the CREST team’s experience covers more than $4 billion in commercial real estate work-outs. This high level of experience and expertise allows Tremont to provide an un-paralleled level of service to our customers.
For additional information on this transaction,
please contact:
Daniel Mee
Executive Director
Email: dmee@tremontcapital.com
Phone: 617.867.0700 x777
Tremont Advises on $74,350,000 Note Sale
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.
For additional information on this transaction,
please contact:
Tom Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
Tremont Structures $4,749,500 Bedford Office Financing
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.”
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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 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.
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 Tremont, “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:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
