NEWTON, Mass.–(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.
