NEWTON, Mass.--(BUSINESS WIRE)--Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $14.5 million first mortgage bridge loan it provided to finance the acquisition of Baker Square Shopping Center, a 158,380 square foot retail center in Omaha, Nebraska.
This floating rate loan includes initial funding of $13 million and a future funding allowance of approximately $1.5 million for property improvements and leasing capital. The loan is structured with a three-year initial term with two one-year extension options, subject to the borrower meeting certain conditions, and has an as-is LTV ratio of 77%.
Tremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance company that focuses 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.