RMR Mortgage Trust Closes $16.5 Million First Mortgage Bridge Loan to Finance Acquisition of a Retail Center in Atlanta, Georgia
28 Settembre 2021 - 2:00PM
Business Wire
RMR Mortgage Trust (Nasdaq:RMRM) today announced the closing of
a $16.5 million first mortgage floating-rate bridge loan to finance
the acquisition of City Center Crossing, a grocery anchored retail
center located at 6331 Roswell Road in the Sandy Springs submarket
of Atlanta, Georgia.
An initial advance of $14.8 million was funded at closing with
future advances of approximately $1.7 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 requirements. RMRM’s manager,
Tremont Realty Capital, was introduced to the transaction by the
sponsor, First National Realty Partners.
Tom Lorenzini, President of RMRM, made the following
statement:
“The closing of this City Center Crossing
loan further diversifies RMRM’s investment portfolio and continues
its growth. This loan is secured by a Lidl anchored grocery center
located in a rapidly growing submarket in Atlanta. This is our
eighth loan closing this year and increases our investment
portfolio to more than $325 million of committed capital. We are
well positioned for continued portfolio growth with a healthy
pipeline of attractive investment opportunities.”
RMR Mortgage Trust (Nasdaq:RMRM) is a real estate finance
company that originates and invests in first mortgage loans secured
by middle market and transitional commercial real estate. RMRM 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 RMRM, please visit www.rmrmortgagetrust.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 RMRM uses words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and
negatives or derivatives of these or similar expressions, RMRM is
making forward-looking statements. These forward-looking statements
are based upon RMRM’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 RMRM’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 RMRM’s control. For example:
- This press release references recent loans closed and future
plans to drive further growth at RMRM, which may imply that RMRM
will close additional loans and that its business will continue to
improve as a result. However, RMRM’s business and ability to
execute loans and realize its investment objective are subject to
various risks, including the competitive nature of the industry in
which it operates, as well as other factors, many of which are
outside its control, such as the current COVID-19 pandemic. These
risks and other factors may prevent RMRM from successfully closing
additional loans, executing its new business and realizing its
investment objective. Further, once RMRM invests or commits its
remaining capital, its ability to continue to grow and fund loans
will be subject to its ability to obtain additional cost-effective
capital or its redeploying proceeds from repayments of its loan
investments.
The information contained in RMRM’s filings with the Securities
and Exchange Commission, or SEC, including under “Risk Factors” in
RMRM’s periodic reports or incorporated therein, identifies other
important factors that could cause RMRM’s actual results to differ
materially from those stated in or implied by RMRM’s forward
looking statements. RMRM’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, RMRM does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
A Maryland Statutory 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/20210928005363/en/
Kevin Barry, Manager, Investor Relations (617) 658-0776
www.rmrmortgagetrust.com
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