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RMR Mortgage Trust Closes $19.7 Million First Mortgage Bridge Loan for the Acquisition of Laurel 42 Apartments in Portland, Oregon
NEWTON, Mass.--(BUSINESS WIRE)-- RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $19.7 million first mortgage floating-rate bridge loan to
About this update from Seven Hills Realty Trust
[{"type":"text","content":" NEWTON, Mass.--(BUSINESS WIRE)--\nRMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $19.7 million first mortgage floating-rate bridge loan to finance the acquisition of Laurel 42, a 100-unit apartment building located at 4242 NE Halsey Street in Portland, Oregon. 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.\n\nTom Lorenzini, President of RMRM, made the following statement:\n\n“We are pleased to announce the closing of this first mortgage loan secured by a centrally located Class-A multifamily property in the Hollywood neighborhood of downtown Portland. This loan further diversifies RMRM’s investment portfolio and expands our loan book to nearly $300 million of committed capital. We look forward to continuing the growth of RMRM’s portfolio and generating attractive, risk adjusted returns for our shareholders.”\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.\n\nWARNING CONCERNING FORWARD-LOOKING STATEMENTS\n\nThis press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act o...