Kimball on Main is a 25,000 square foot retail property located in Park City's historic Main Street shopping district, one of the premier retail corridors in a nationally recognized resort destination. The property is well leased to a diverse mix of tenants and benefits from strong foot traffic generated by both local residents and year-round tourism.
Tremont Realty Capital provided a $24.3 million first mortgage loan to refinance the property. The loan has a three-year initial term with two one-year extension options, subject to the borrower satisfying certain conditions.
The investment was attractive due to the property's prime location, strong tenant demand, limited new supply, and favorable long-term market fundamentals. Restrictive zoning regulations within Park City's historic downtown corridor create significant barriers to entry, supporting the property's long-term value and occupancy prospects.
The transaction was originated by Stanton Road Capital, the sponsor and owner of the property, with whom Tremont Realty Capital has successfully completed prior transactions.