BOSTON, MA--The Hartford office of Tremont Realty Capital arranged financing for the refinance of Summit Apartments, (photo at left below) a 149-unit apartment complex located in Wichita Falls, TX.
Stephen Henderson, (top right photo) 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.”
Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services.Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital. The Hartford office of Tremont Realty Capital is located at 15 Benton Drive, East Longmeadow, MA 01028.
The phone number is 860.548.9289 and the fax number is 413.525.9294. You can visit Tremont on the Internet at http://www.tremoncapital.com/.
For additional information on this transaction, please contact: Stephen Henderson at 860.548.9289
MEDIA CONTACT:
Aimee Munsey
Senior Associate, Marketing & Communications
Tremont Realty Capital
The Prudential Tower
800 Boylston Street, 45th Floor
Boston, MA 02199
p: 617.867.0700 x784
f: 617.867.0077
amunsey@tremontcapital.com
http://www.tremontcapital.com/
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