RMR Mortgage Trust Closes $39.2 Million First Mortgage Bridge Loan for the Acquisition of Two Cold Storage Facilities in New Hampshire
RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $39.2 million first mortgage floating-rate bridge loan financing the acquisition of two Class A cold storage industrial buildings located at 6 Rockingham Road and 219 Rockingham Road in Londonderry, New Hampshire. Upon closing, the properties were leased back to Highwood Cold Storage and Londonderry Freezer Warehouse, respectively. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Cushman and Wakefield, which advised the sponsor, KPR.
An initial advance of approximately $34.2 million was funded at closing with future advances of up to $5.0 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 requirements.
Tom Lorenzini, President of RMRM, made the following statement:
“This first mortgage loan secured by two well positioned cold storage industrial properties continues our growth and real estate sector diversification of RMRM’s investment portfolio. It further demonstrates our ability to offer flexible financing to owners of middle market and transitional commercial real estate.”
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.