NEWTON, Mass.--(BUSINESS WIRE)--The Annapolis office of Tremont Realty Capital (“Tremont”), a division of The RMR Group, today announced that it has structured capital for the refinance of Homestead Manufactured Housing Community, a 83-site community located in Georgetown, Delaware.
The non-recourse loan, funded through a relationship lender, represented approximately 70% of appraised value of the property at a 4.16% fixed interest rate for 10 years, 2 years interest-only, followed by 8 years of amortization on a 30-year schedule.
According to John Chase, Director of Capital Markets for Tremont, “Tremont structured financing that allowed our client to recapture equity at a low fixed rate cost of capital. This transaction demonstrates our ability to provide well-executed and timely solutions across a range of property types, funding scenarios and geographies, reinforcing our position at the nexus of capital markets, connecting and counseling borrowers seeking capital and the institutions that can provide it.”
Tremont Realty Capital, a division of The RMR Group, specializes in commercial real estate (CRE) finance, principally raising debt and equity capital for owners of CRE and the SEC registered investment advisor, Tremont Realty Advisors LLC, which is a part of this division, serves as a manager of funds and accounts invested in CRE loans. Since its founding in 2000, Tremont has completed over $4.6 billion worth of CRE transactions and currently has over $200 million of real estate loans under management.
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate operating companies. As of September 30, 2016, The RMR Group LLC had approximately $23.8 billion of real estate assets under management, including more than 1,350 properties and employed over 450 real estate professionals in more than 35 offices throughout the United States; the companies managed by The RMR Group LLC collectively had over 52,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.
