NEWTON, Mass – (BUSINESS WIRING) –Tremont Mortgage Fund (Nasdaq: TRMT) announced the closure of its first $ 50 million floating rate bridging mortgage loan to finance the acquisition of NCX 10,000, a 296,000 square foot 15-story Class A office building located on 10,000 North Expressway in Dallas, Texas. TRMT Manager, Tremont Realty Capital, was entered into the deal Colliers Internationalwho advised the sponsor, Charter holdings…
TRMT funded an initial advance of approximately $ 43.5 million at the close, with up to $ 6.5 million in future advances available for tenant improvements and rental commissions. The loan is structured with an initial three-year maturity and two extension options for one year, subject to certain conditions being met by the borrower.
Tom LorenziniThe TRMT President made the following statement:
“This first $ 50 million mortgage loan is secured by a well-leased Class A office space located in the Dallas North Central Expressway submarket. This reflects ongoing progress in our plan to reinvest capital from recent loan repayments into strong lending opportunities backed by a mid-sized commercial real estate market and high quality sponsors. Our original platform remains active and we are well positioned to take advantage of the extensive investment opportunities in the bridge loan market to further expand our portfolio and generate attractive risk-adjusted returns for our shareholders. ”
Tremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance company that creates and invests in the first mortgage loans secured by mid-market and transitional commercial real estate. TRMT is operated by an affiliate RMR Inc. group of companies (Nasdaq: RMR)… Virtually all of RMR’s business is carried out by its controlling subsidiary RMR Group LLC, which is an alternative asset management company with US $ 32.4 billion in assets under management and over 35 years of institutional experience in buying, selling, financing and operation of commercial real estate. property. For more information on TRMT visit www.trmtreit.com…
Tremont Realty Capital, on behalf of its sources of capital, Tremont Mortgage Trust (Nasdaq: TRMT) and RMR Mortgage Fund (Nasdaq: RMRM), is a direct lender investing in loans secured by commercial real estate in the middle and transitional period. Tremont Realty Capital is a trade name of Tremont Realty Advisors LLC, a subsidiary of the RMR Group (Nasdaq: RMR). For more information on Tremont Realty Capital visit www.tremontcapital.com…
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This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. In addition, when TRMT uses words such as “believe”, “expect”, “expect”, “intend”, “plan”, “estimate”, “will”, “may” and negative or derived from these or similar expressions . TRMT makes forward-looking statements. These forward-looking statements are based on TRMT’s current intent, beliefs or expectations, but forward-looking statements are not guaranteed and may not occur. Actual results could differ materially from those contained in or implied in TRMT’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond TRMT’s control. For example:
References in this press release to the closure of the 10,000 NCX loan, as well as future opportunities for capital reallocation in the bridging market, could mean that TRMT will fulfill additional loans and that its business will continue to operate at its current level. or improve as a result. However, TRMT’s ability to disburse additional loans depends on its ability to obtain additional profitable equity capital, whether through early repayment of loans or otherwise, as well as various risks, including the competitive nature of the commercial real estate lending industry, and other factors, many of which are beyond our control. TRMT. These and other risks and factors can prevent TRMT from obtaining additional loans and fulfilling its business plan.
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Maryland real estate investment fund with transferable shares of income registered on the Nasdaq. No shareholder, Trustee or officer is personally responsible for any actions or obligations of the Trust.