Tremont Mortgage Trust closes $ 15.3 million bridge loan to refinance Prime Center at Northridge Office Park in Westminster, Colorado
NEWTON, Mass .– (BUSINESS WIRE) –Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $ 15.3 million senior variable rate bridge loan to refinance Prime Center at the Northridge office park. The building is made up of two adjacent multi-tenant single-storey office buildings totaling approximately 125,000 square feet located at 1765 and 1865 W. 121st Avenue in Westminster, Colorado. Responsible for TRMT, Tremont Realty Capital, was introduced to the transaction by ColumbiaNational, which advised the sponsors, Redfearn Capital and Foundation Capital Partners.
TRMT funded an initial advance of approximately $ 13.5 million at closing, with future advances of up to $ 1.8 million available for leasehold improvements, rental commissions and capital expenditures. The loan is structured with an initial term of three years and two options for one year extension, subject to the borrower meeting certain conditions.
Tom lorenzini, President of the TRMT, made the following statement:
“The closing of the Prime Center loan demonstrates our continued execution of our business plan to fund fully secured first mortgage loans through middle market and transitional commercial real estate. Prime Center is owned by an institutional borrower and is a prototype loan for TRMT, with its current rent stable and collateral value likely to improve as our borrower executes the approved business plan. Our manager, Tremont Realty Capital, remains active in the market with a strong pipeline of potential opportunities to deploy capital in loans like Prime Center that offer attractive risk-adjusted returns.
Tremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance company that creates and invests in senior mortgages guaranteed by middle market and bridging commercial real estate. TRMT is managed by a subsidiary of Le Groupe RMR Inc. (Nasdaq: RMR). Almost all of RMR’s business is carried out by its majority-owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $ 32 billion in assets under management and over 35 years of institutional experience. in the purchase, sale, financing and operation of commercial buildings. field. For more information on TRMT, please visit www.trmtreit.com.
Tremont Realty Capital, on behalf of its sources of capital, Tremont Mortgage Trust (Nasdaq: TRMT) and RMR Mortgage Trust (Nasdaq: RMRM), is a direct lender that invests in secured middle market loans and bridging commercial real estate. Tremont Realty Capital is the trading name of Tremont Realty Advisors LLC, which is a subsidiary of The RMR Group (Nasdaq: RMR). For more information on Tremont Realty Capital, please visit www.tremontcapital.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Additionally, whenever TRMT uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “can” and negative or derived from these or other similar expressions, TRMT makes forward-looking statements. These forward-looking statements are based on TRMT’s current intention, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by TRMT’s forward-looking statements due to various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of TRMT. For example:
References in this press release to the closing of the Prime Center loan and to the continued strength and execution of TRMT’s business plan to fund the first mortgage, full loans guaranteed by the middle market and real estate business transition, as well as future capital redeployment opportunities, may imply that TRMT will execute additional loans and that its business will continue to operate at its current level or improve accordingly. However, TRMT’s ability to execute additional loans depends on its ability to raise profitable additional equity, whether through loan prepayments or otherwise, as well as various risks, including the competitive nature of the industry. commercial real estate loans, and other factors, many of which are beyond its control. These and other risks and factors may prevent TRMT from executing additional loans and executing its business plan.
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A real estate investment trust in Maryland with transferable beneficial interest shares listed on the Nasdaq.
No shareholder, trustee or officer is personally liable for any act or obligation of the Trust.