The Hartford office of Tremont Realty Capital arranged financing for the refinance of a portfolio of bank buildings located in various locations throughout Conn.
Stephen Henderson, a senior director with Tremont, arranged the $3 million 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. 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."