NEWTON, Mass.--(BUSINESS WIRE)--RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $54.6 million first mortgage bridge loan it provided to refinance two manufactured housing communities comprised of approximately 1,200 home sites located in Ohio.
This first mortgage bridge loan includes an initial funding of approximately $44.6 million and a future funding allowance of approximately $10.0 million for capital improvements to further enhance these communities. The loan is structured with a three-year initial term and two, one-year extension options, subject to the borrower meeting certain requirements.
Tom Lorenzini, President of RMRM, made the following statement:
“We are pleased to close our largest loan to date and our seventh loan overall, which reflects continued momentum executing RMRM’s new business strategy as a commercial mortgage REIT. RMRM’s portfolio now exceeds $150 million of invested equity and $175 million of committed capital. This investment underscores the ability of our manager, Tremont Realty Capital, to work with owners of middle market commercial real estate and address their financing needs.”
RMR Mortgage Trust (Nasdaq: RMRM) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. RMRM is managed by an affiliate of The RMR Group Inc. (Nasdaq: RMR). Substantially all of RMR’s business is conducted by its majority owned subsidiary, The RMR Group LLC, which is an alternative asset management company with more than $32 billion in assets under management and more than 30 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about RMRM, please visit www.rmrmortgagetrust.com.
Tremont Realty Capital, on behalf of its capital sources, Tremont Mortgage Trust (Nasdaq: TRMT) and RMR Mortgage Trust (Nasdaq: RMRM), is a direct lender that invests in loans secured by middle market and transitional commercial real estate. Tremont Realty Capital is the trade name of Tremont Realty Advisors LLC, which is an affiliate of The RMR Group (Nasdaq: RMR). For more information about Tremont Realty Capital please visit www.tremontcapital.com.
