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.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
This press release contains statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever RMRM uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, RMRM is making forward-looking statements. These forward-looking statements are based upon RMRM’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by RMRM’s forward looking statements as a result of various factors. Forward looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond RMRM’s control.
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