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RMR Mortgage Trust completes refinancing of initial $ 27.4 million bridge loan for office building in Plano, Texas
NEWTON, Mass., July 13, 2021– (BUSINESS WIRE) – RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of an initial $ 27.4 million variable rate bridge loan to refinance the 500 N. Central Expressway in Plano , Texas, a five-story building measuring 237,000 square meters. on foot, multi-tenant office building. RMRM's manager, Tremont Realty Capital, was introduced to the transaction by Jones Lang LaSalle Incorporated, who advised the sponsor, MoxieBridge.
An initial advance of approximately $ 24.6 million was funded at closing with future advances of up to $ 2.8 million available for leasehold improvements, rental commissions and capital expenditures. The loan is structured with an initial term of three years and two options for one year extension, subject to the borrower meeting certain conditions.
Tom Lorenzini, President of RMRM, made the following statement:
"We continue to expand and diversify RMRM's portfolio with the closing of this first mortgage. This loan fits perfectly with our primary investment objective of investing in high quality loans secured by middle and bridging commercial real estate backed by well capitalized sponsors and liquidity RMRM is well positioned for continued growth in the market. portfolio with many attractive opportunities in our pipeline and plenty of liquidity available for investment.
RMR Mortgage Trust (Nasdaq: RMRM) is a real estate finance company that creates and invests in senior mortgages secured by middle and bridging commercial real estate. RMRM is managed by a subsidiary of The RMR Group Inc. (Nasdaq: RMR). Almost all of RMR's ​​business is carried out by its majority-owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $ 32 billion in assets under management and over 35 years of institutional experience. in the purchase, sale, financing and operation of commercial real estate. domain. For more information on 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 and bridging commercial real estate. Tremont Realty Capital is the trading name of Tremont Realty Advisors LLC, which is a subsidiary of The RMR Group (Nasdaq: RMR). For more information on Tremont Realty Capital, please visit www.tremontcapital.com.
CAUTION REGARDING 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 negative or derived from these or similar expressions, RMRM makes forward-looking statements. These forward-looking statements are based on RMRM's current intention, 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 due to 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 refers to recently concluded loans and future plans to develop RMRM's business as a commercial mortgage REIT and pursue its investment objective, which may imply that RMRM will enter into additional loans, which may " it will achieve its investment objective and its business will continue to improve. Therefore. However, RMRM's business and its ability to execute loans and achieve 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 beyond the control of its control, such as the covid19 pandemic. These risks and other factors may prevent RMRM from successfully entering into additional loans, carrying out new operations and achieving its investment objective. In addition, once RMRM invests or commits its remaining capital, its ability to continue to grow and finance loans will be subject to its ability to raise profitable additional capital or to redeploy the proceeds from repayments of its investments in the form of loans. ready.
Information contained in documents filed by RMRM with the Securities and Exchange Commission, or SEC, including under the heading "Risk Factors" in or incorporated into RMRM's periodic reports, identifies other important factors that could cause RMRM's actual results to differ materially from those indicated or implied by RMRM's forward-looking statements. The documents filed by RMRM with the SEC are available on the SEC's website at www.sec.gov.
You should not place undue reliance on 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 statutory Maryland trust with transferable beneficial interest shares listed on the Nasdaq.
No shareholder, trustee or officer is personally liable for any act or obligation of the Trust.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20210713005172/en/
Kevin Barry, Director, Investor Relations
www.rmrmortgagetrust.com
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