Tremont Mortgage Trust Closes $15.3 Million Bridge Loan to Refinance Prime Center at Northridge Office Park in Westminster, C...
May 27 2021 - 8:00AM
Business Wire
Tremont Mortgage Trust (Nasdaq: TRMT) today announced the
closing of a $15.3 million first mortgage floating-rate bridge loan
to refinance Prime Center at Northridge office park. The property
is comprised of two adjacent single-story multi-tenant office
buildings with a total of approximately 125,000 square feet located
at 1765 and 1865 W. 121st Avenue in Westminster, Colorado. TRMT’s
manager, 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
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
conditions.
Tom Lorenzini, President of TRMT, made the following
statement:
“The closing of the Prime Center loan
demonstrates our continued execution of our business plan to fund
first mortgage whole loans secured by middle market and
transitional commercial real estate. Prime Center is owned by an
institutional borrower and is a prototypical loan for TRMT, with
its stable current rent roll and likely enhanced collateral value
as our borrower executes on the approved business plan. Our
manager, Tremont Realty Capital, remains active in the market with
a robust pipeline of potential opportunities to deploy capital in
loans like Prime Center that deliver attractive risk-adjusted
returns.”
Tremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance
company that originates and invests in first mortgage loans secured
by middle market and transitional commercial real estate. TRMT 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 TRMT, please visit www.trmtreit.com.
Tremont 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.
WARNING CONCERNING
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.
Also, whenever TRMT uses words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and
negatives or derivatives of these or similar expressions, TRMT is
making forward-looking statements. These forward-looking statements
are based upon TRMT’s present intent, 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 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:
- The references in this press release to the closing of the
Prime Center loan and the continued strength and solid execution of
TRMT’s business plan to fund first mortgage, whole loans secured by
middle market and transitional commercial real estate, as well as
future opportunities to redeploy capital, may imply that TRMT will
execute on additional loans and that its business will continue to
perform at its current level or improve as a result. However,
TRMT’s ability to execute on additional loans is subject to its
ability to obtain additional cost-effective equity capital whether
through early loan repayments 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
outside its control. These and other risks and factors may prevent
TRMT from executing on additional loans and executing on its
business plan.
The information contained in TRMT’s filings with the Securities
and Exchange Commission, or SEC, including under “Risk Factors” in
TRMT’s periodic reports or incorporated therein, identifies other
important factors that could cause TRMT’s actual results to differ
materially from those stated in or implied by TRMT’s forward
looking statements. TRMT’s filings with the SEC are available on
the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, TRMT does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq. No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
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version on businesswire.com: https://www.businesswire.com/news/home/20210527005246/en/
Kevin Barry Manager, Investor Relations (617) 658-0776
Tremont Mortgage (NASDAQ:TRMT)
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