The former Greystone, and now Tremper Capital Group (TCG), team placed a couple of bank loans to refinance Merrill Gardens communities in California and South Carolina. The larger loan totaled $30 million and came with a five-year term, 30-year amortization and a floating interest rate. There are also three years of interest-only payments and a mid-200 bps loan spread. A regional bank provided the loan to AEW Capital Management and Merrill Gardens to refinance their West Covina community, which has 111 units of independent living, assisted living and memory care. Tyler Armstrong of TCG represented AEW and Merrill Gardens in the transaction.
Mr. Armstrong also placed a $27.05 million regional bank loan for Merrill Gardens at Columbia, a 120-unit independent/assisted living community in Columbia, South Carolina. The floating-rate loan also came with a five-year term, three years of interest only, a 30-year amortization and a mid-200 bps loan spread. Both transactions closed while the TCG team was still at Greystone.
Tremper Capital Group launched on January 1, 2023, with Cary Tremper serving as President and CEO, and Matt Miller and Tyler Armstrong both joining as Executive Managing Directors. Jonathan Propst joined the firm as Managing Director and CFO, while Austin Benacquisto joined as Managing Director and COO. All five came from Greystone. And the Dallas-based firm will look to help its clients with the whole capital stack, from construction and bridge debt to permanent financing and equity, using the team’s extensive network of banking relationships to good effect.
