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RMR Mortgage Trust Closes $27.4 Million First Mortgage Bridge Loan Refinancing of an Office Property in Plano, Texas
NEWTON, Mass.--(BUSINESS WIRE)-- RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $27.4 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 $27.4 million first mortgage floating-rate bridge loan to refinance 500 N. Central Expressway in Plano, Texas, a five-story, 237,000 square foot, multi-tenant office property. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Jones Lang LaSalle Incorporated, which advised the sponsor, MoxieBridge.\n\nAn initial advance of approximately $24.6 million was funded at closing with future advances of up to $2.8 million available for tenant improvements, leasing commissions and capital expenditures. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.\n\nTom Lorenzini, President of RMRM, made the following statement:\n\n“We continue to expand and diversify RMRM’s portfolio with the closing of this first mortgage whole loan. This loan fits squarely within our principal investment objective of investing in high quality loans secured by middle market and transitional commercial real estate supported by well capitalized sponsors and cash-flowing properties. RMRM is well positioned for continued portfolio growth with numerous attractive opportunities in our pipeline and ample liquidity available for investment.”\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 informat...