NEWTON, Mass.–(BUSINESS WIRE)–RMR Mortgage Trust (Nasdaq: RMRM) as we speak introduced the closing of a $39.2 million first mortgage floating-rate bridge mortgage financing the acquisition of two Class A chilly storage industrial buildings positioned at 6 Rockingham Highway and 219 Rockingham Highway in Londonderry, New Hampshire. Upon closing, the properties have been leased again to Highwood Chilly Storage and Londonderry Freezer Warehouse, respectively. RMRM’s supervisor, Tremont Realty Capital, was launched to the transaction by Cushman and Wakefield, which suggested the sponsor, KPR.
An preliminary advance of roughly $34.2 million was funded at closing with future advances of as much as $5.0 million out there for tenant enhancements, leasing commissions and capital expenditures. The mortgage is structured with a three-year preliminary time period and two one-year extension choices, topic to the borrower assembly sure necessities.
Tom Lorenzini, President of RMRM, made the next assertion:
“This primary mortgage mortgage secured by two nicely positioned chilly storage industrial properties continues our progress and actual property sector diversification of RMRM’s funding portfolio. It additional demonstrates our capability to supply versatile financing to homeowners of center market and transitional business actual property.”
RMR Mortgage Belief (Nasdaq: RMRM) is an actual property finance firm that originates and invests in first mortgage loans secured by center market and transitional business actual property. RMRM is managed by an affiliate of The RMR Group Inc. (Nasdaq: RMR). Considerably all of RMR’s enterprise is performed by its majority owned subsidiary, The RMR Group LLC, which is another asset administration firm with $32 billion in property below administration and greater than 35 years of institutional expertise in shopping for, promoting, financing and working business actual property. For extra details about RMRM, please go to www.rmrmortgagetrust.com.
Tremont Realty Capital, on behalf of its capital sources, Tremont Mortgage Trust (Nasdaq: TRMT) and RMR Mortgage Belief (Nasdaq: RMRM), is a direct lender that invests in loans secured by center market and transitional business actual property. Tremont Realty Capital is the commerce identify of Tremont Realty Advisors LLC, which is an affiliate of The RMR Group (Nasdaq: RMR). For extra details about Tremont Realty Capital please go to www.tremontcapital.com.
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press launch comprises statements that represent forward-looking statements throughout the that means of the Personal Securities Litigation Reform Act of 1995 and different securities legal guidelines. Additionally, every time RMRM makes use of phrases equivalent to “imagine”, “anticipate”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “might” and negatives or derivatives of those or comparable expressions, RMRM is making forward-looking statements. These forward-looking statements are based mostly upon RMRM’s current intent, beliefs or expectations, however forward-looking statements should not assured to happen and will not happen. Precise outcomes might differ materially from these contained in or implied by RMRM’s forward-looking statements on account of numerous elements. Ahead-looking statements contain identified and unknown dangers, uncertainties and different elements, a few of that are past RMRM’s management. For instance:
- This press launch references continued momentum increasing and diversifying RMRM’s funding portfolio, which can indicate that RMRM will shut extra loans and that its enterprise will proceed to enhance consequently. Nevertheless, RMRM’s enterprise and talent to execute loans are topic to numerous dangers, together with the aggressive nature of the business wherein it operates, in addition to different elements, a lot of that are exterior its management, equivalent to the present COVID-19 pandemic. These dangers and different elements might forestall RMRM from efficiently closing extra loans, executing its new enterprise and realizing its funding goal. Additional, as soon as RMRM invests or commits its remaining capital, its capability to proceed to develop and fund loans can be topic to its capability to acquire extra cost-effective capital or its redeploying proceeds from repayments of its mortgage investments.
The knowledge contained in our “Abstract of Principal Threat Components” included in our Present Report on Type 8-Okay filed on March 24, 2021 with the Securities and Alternate Fee, or SEC, identifies different essential elements that might trigger RMRM’s precise outcomes to vary materially from these acknowledged in or implied by RMRM’s ahead wanting statements. RMRM’s filings with the SEC can be found on the SEC’s web site at www.sec.gov.
You shouldn’t place undue reliance upon forward-looking statements.
Besides as required by regulation, RMRM doesn’t intend to replace or change any forward-looking statements on account of new info, future occasions or in any other case.
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