Tom Lorenzini, managing director of Tremont Realty Capital, handled the loan request on behalf of the borrower, MOB Ventures, which is based in Chicago. The interim loan provides the financing that allowed for completion of the tenant build-out for one of the building's two tenants, Equinox Health Club. Equinox is a New York-based, high-end spa and heath club. Equinox takes over the space formerly leased to Bigsby & Kruthers and Ann Taylor. The basement is currently occupied by Sauce restaurant.
The financing includes both a senior and junior traunche. Upon completion of the Equinox build-out and the subsequent commencement of rental payments, a new $4 million first mortgage, provided by an insurance company will refinance out a portion of the Tremont affiliate loan. The excess loan balance will then remain in place, subordinate to the new first mortgage.
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