Business
RMR Mortgage Trust Closes $34.3 Million First Mortgage Bridge Loan Refinancing of an Office and Industrial Property in Colorado Springs, Colorado
RMRM’s Portfolio Now Exceeds $250 Million in Total Commitments NEWTON, Mass.--(BUSINESS WIRE)-- RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing
About this update from Seven Hills Realty Trust
[{"type":"text","content":"\nRMRM’s Portfolio Now Exceeds $250 Million in Total Commitments\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nRMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $34.3 million first mortgage floating-rate bridge loan to refinance a property comprised of a 191,000 square foot office building and a 97,000 square foot industrial building located at 10125 and 10205 Federal Drive in Colorado Springs, Colorado. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Essex Financial Group, which advised the sponsor, Flywheel Capital of Denver.\n\nAn initial advance of approximately $29 million was funded at closing with future advances of up to $5.3 million available for tenant improvements, leasing commissions and capital expenditures. The loan is structured with a three-year initial term and a one-year extension option, subject to the borrower meeting certain requirements.\n\nTom Lorenzini, President of RMRM, made the following statement:\n\n“The closing of this loan further demonstrates our successful execution of RMRM’s new business plan to provide first mortgage loans secured by middle market and transitional commercial real estate. Through the efforts of our manager, Tremont Realty Capital, this is our ninth loan closing, increasing our portfolio of committed capital to more than $250 million. We look forward to further expanding our portfolio as we continue to pursue our investment objective to balance capital preservation with generating attractive, risk adjusted returns.”\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 ma...