Craig Rice and David Ross of the Boston office of Tremont Realty Capital arranged the loan for the developer of the condominium project. The existing unit sales provided funds to pay off the original construction loan. The subject loan was structured by Tremont to re-capitalize the mezzanine and equity capital of this asset and lower the overall capital costs.
The property contains eight luxury residential units, parking and a retail condominium unit. Rice says that it was the project's location, its architecture and its proximity to the Public Garden as well as the on site parking and the services provided to residents that "made this investment very desirable to our lender."
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