NEWTON, Mass.--(BUSINESS WIRE)--Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $18.1 million first mortgage bridge loan to refinance Orchard Trails, a 576 bed, student housing community that services the University of Maine, in Orono, ME.
This floating rate loan includes initial funding of approximately $17.0 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain conditions.
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.