The Boston office of Tremont Realty Capital arranged a $14.5 million bridge loan for the redevelopment of 201 Burlington Rd., a two building office complex comprising 135,000 s/f.
Dennis Walsh, senior director, arranged the non-recourse bridge loan which was funded by a regional bank. 201 Burlington is located at the junction of Rte. 62 and Rte. 3 on the Burlington/Bedford line.
Walsh said, "The challenge in executing this transaction was in overcoming the asset's 100% vacancy. The strong market fundamentals, the reasonably quick delivery of space to the market and the excellent local sponsorship were compelling factors in getting the lenders comfortable with the transaction."
Tremont Realty Capital 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.