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RMR Mortgage Trust Closes $12.5 Million First Mortgage Bridge Loan to Finance Acquisition of 80 S. Main St. Apartments in Seattle, Washington
NEWTON, Mass.--(BUSINESS WIRE)-- RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $12.5 million first mortgage floating-rate bridge loan to
About this update from The Rmr Group Inc.
[{"type":"text","content":" NEWTON, Mass.--(BUSINESS WIRE)--\nRMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $12.5 million first mortgage floating-rate bridge loan to finance the acquisition of 80 Main, a Class A, 45-unit apartment building located at 80 S. Main St. in Seattle, Washington. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by IPA Capital Markets, a Marcus & Millichap Company, which advised the sponsor, Unico Properties.\n\nTom Lorenzini, President of RMRM, made the following statement:\n\n“We continue to build momentum executing on RMRM’s new business plan focused on investing capital in first mortgage loans secured by middle market and transitional commercial real estate. This loan is secured by a centrally located Class A multifamily property in the vibrant Pioneer Square neighborhood of downtown Seattle. It marks our seventh loan closing this year and increases our investment portfolio to more than $300 million of committed capital. Our investment pipeline remains active and we are well positioned to drive further growth at RMRM during the second half of 2021 and beyond.”\n\nRMR 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 $32 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about RMRM, please visit www.rmrmortgagetrust.com.\n\nTremont 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....