NEWTON, Mass.--(BUSINESS WIRE)--Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $15.2 million first mortgage bridge loan to finance a 136,000 square foot, 8-story office building with structured parking located in Houston, Texas.
This floating rate loan includes initial funding of approximately $12.7 million and an as is LTV ratio of approximately 69%. This loan also includes a future funding allowance of up to $2.3 million for building improvements and leasing capital. The loan has a three-year initial term and two one-year extension options.
Tremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance company that focuses primarily on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate. Tremont Mortgage Trust is managed by Tremont Realty Advisors LLC, an SEC registered investment adviser and an indirect subsidiary of The RMR Group Inc.
A Maryland Real Estate Investment Trust with transferable shares of
beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.