NEWTON, Mass.--(BUSINESS WIRE)--The Chicago office of Tremont Realty Capital, a division of The RMR Group, today announced that it has arranged for the refinance of Valley View Estates, a 233 site upscale manufactured home community located in O’Fallon, Illinois.
The $5,550,000 loan, secured through a Tremont lending relationship, was non-recourse with a mid-4% interest rate fixed for 10 years. Additional attributes included several years of interest only payments and an extended window at the end of the loan term for par prepayment.
According to Tom Lorenzini, Senior Director of Capital Markets for Tremont, “The refinancing of Valley View Estates demonstrates our ability to help borrowers address their business objectives through well executed, attractive capital solutions for complex situations. In this case, we secured a $5.55 million loan through one of our longstanding lending relationships which will enable Valley View’s owner to place homes for sale on his community’s vacant sites. This transaction exemplifies our extensive lender relationships and experience across a wide range of funding scenarios which empower Tremont to be a trusted resource for owners of commercial real estate.”
Tremont Realty Capital is a division of The RMR Group LLC. Tremont Realty Capital includes an operating business that specializes in commercial real estate (CRE) finance, principally raising debt and equity capital for owners of CRE, and an SEC registered investment adviser, Tremont Realty Advisors LLC, which is a wholly owned subsidiary of The RMR Group LLC and which principally provides investment advice concerning real estate debt investments, including mortgage debts and mezzanine financings for real estate businesses. Since its founding in 2000, Tremont has completed over $4.6 billion worth of CRE transactions. For more information on Tremont Realty Capital, please visit www.tremontcapital.com.
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate operating companies. As of March 31, 2017, The RMR Group LLC had approximately $27.6 billion of total assets under management, including more than 1,400 properties, and employed over 475 real estate professionals in more than 35 offices throughout the United States; the companies managed by The RMR Group LLC collectively had approximately 53,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts. For more information on The RMR Group LLC, please visit www.rmrgroup.com.