The Boston office of Tremont Realty Capital arranged financing for the refinance of 54 Middlesex Tpke., a two story, 42,500 s/f multi-tenant office building and separate 8,068 s/f daycare center located on 6.7 acres.
David Ross, a managing director with Tremont, arranged the $4.749 million 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 Rtes. 95 and 3.
According to Ross, "The owners had just completed the addition of a free standing, 8,000 s/f 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."
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.