Tremont Mortgage Trust Closes $13.4 Million First Mortgage Bridge Loan to Finance Acquisition of Parallax Apartments in Portland, Oregon
August 03 2021 - 8:00AM
Business Wire
Tremont Mortgage Trust (Nasdaq: TRMT) today announced the
closing of a $13.4 million first mortgage floating-rate bridge loan
to finance the acquisition of Parallax Apartments, a 66-unit, Class
A, multifamily property located at 4030 North Williams Avenue in
Portland, Oregon. The loan is structured with a three-year initial
term and two one-year extension options, subject to the borrower
meeting certain requirements. TRMT’s manager, Tremont Realty
Capital, was introduced to the transaction by IPA Capital Markets,
a Marcus & Millichap Company.
Tom Lorenzini, President of TRMT, made the following
statement:
“We are pleased to announce the closing of
this first mortgage loan secured by a modern, centrally located,
multifamily property located in one of Portland’s most popular
residential neighborhoods. This loan meets TRMT’s objective of
investing capital into strong credit opportunities, backed by
middle market commercial real estate properties and high quality
sponsors. TRMT’s investment pipeline remains active and we look
forward to executing on additional loans like Parallax that meet
our investment returns and credit criteria.”
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 statements in this press release related to the quality of
the Parallax loan and TRMT’s investment pipeline remaining active
and expectations regarding additional loans that meet TRMT’s
required returns and credit criteria, may imply that TRMT will
execute on additional loans of the same quality as the Parallax
loan and that TRMT’s 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/20210803005202/en/
Kevin Barry Manager, Investor Relations (617) 658-0776
Tremont Mortgage (NASDAQ:TRMT)
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