NEWTON, Mass.--(BUSINESS WIRE)--Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $14.8 million first mortgage bridge loan to refinance 2 Overhill Road, a 62,000 square foot, 4-story office building located in Scarsdale, New York.
This floating rate loan includes initial funding of $13.8 million and a future funding allowance of $1.1 million for building improvements and leasing capital. The loan is structured with a three-year initial term and two one-year extension options and has an as-is LTV ratio of 78%.
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.