RMR Mortgage Trust Provides $41 Million of New First Mortgage Bridge Loans

NEWTON, Mass.--(BUSINESS WIRE)--RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing on two new first mortgage whole loans totaling $41.1 million with initial fundings of $31.9 million.

RMRM closed a $24.6 million first mortgage bridge loan it provided for the acquisition of 5500 Franklin Avenue, a 2-acre retail property in the East Hollywood/Silverlake submarket of Los Angeles, California. This floating rate loan includes initial funding of approximately $17.2 million to fund the acquisition and a future funding allowance of approximately $7.4 million for expansion. The loan is structured with a two-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.

RMRM also closed a $16.5 million first mortgage bridge loan to refinance 750 North Commons Drive, a mixed-use property consisting of a 114,000 square foot office building and a 91,000 square foot industrial warehouse on 16 acres in Aurora, IL. This floating rate loan includes initial funding of approximately $14.7 million and a future funding allowance of approximately $1.8 million for tenant improvements. The loan is structured with a three-year initial term and a one-year extension option, subject to the borrower meeting certain requirements.

RMR Mortgage Trust (Nasdaq: RMRM) historically operated as a registered closed end investment company advised by RMR Advisors LLC but is in the process of transitioning to a mortgage real estate investment trust. RMR Advisors LLC is a wholly owned subsidiary of The RMR Group LLC, an alternative asset management company that is the majority owned operating subsidiary of The RMR Group Inc.

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