Dealmaker: Tremont Realty Capital Lends $103M in New York

Tremont Realty Capital LLC, Boston, provided $102.5 million for 260 78th Street, a two-building property at the southeast corner of 78th Street and West End Avenue in Manhattan.

The Collegiate School, a private K-12 institution, currently occupies the 12-story property.

Lino DiLascio, managing director of Tremont’s New York office, originated the loan directly from the buyer. “The borrower was trying to maximize proceeds which led us to a creative AB structure that afforded them an 80-plus percent loan-to-cost loan,” he said, adding that the property’s West Side location and the strength of the borrower helped close the deal.

The loan through one of Tremont Realty Capital’s managed accounts was structured as a three-year bridge loan that represented 85 percent of cost. A regional bank purchased a $65 million “A” Note at closing.

DiLascio said buyer West 78th Holding LLC plans to renovate the West End Avenue building and rebuild the 78th Street structure to accommodate a residential use.