Tremont Mortgage Trust Closes $50.0 Million First Mortgage Bridge Loan to Finance Acquisition of an Office Property in Dallas, Texas
September 02 2021 - 8:00AM
Business Wire
Tremont Mortgage Trust (Nasdaq: TRMT) today announced the
closing of a $50.0 million first mortgage floating rate bridge loan
to finance the acquisition of 10000 NCX, a Class A, 15-story,
296,000 square foot office tower located at 10000 North Central
Expressway in Dallas, Texas. TRMT’s manager, Tremont Realty
Capital, was introduced to the transaction by Colliers
International, which advised the sponsor, Charter Holdings.
TRMT funded an initial advance of approximately $43.5 million at
closing, with future advances of up to $6.5 million available for
tenant improvements and leasing commissions. 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:
“This $50.0 million first mortgage loan is
secured by a well leased, Class A office property, located in the
Dallas North Central Expressway submarket. It reflects continued
progress on our plan to reinvest capital from recent loan
repayments into strong credit opportunities backed by middle market
commercial real estate and high quality sponsors. Our origination
platform remains active and we are well positioned to take
advantage of ample 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 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 $32.4 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
10000 NCX loan, as well as future opportunities to redeploy capital
in the bridge loan market, 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 TRMT’s
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 the 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/20210902005200/en/
Kevin Barry Manager, Investor Relations (617) 658-0776
Tremont Mortgage (NASDAQ:TRMT)
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