NEWTON, Mass.–(BUSINESS WIRE)–Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a
$37.6 million first mortgage bridge loan to finance the acquisition of
Barrington Business Center, a 931,682 square foot multi tenant
industrial facility located in Barrington, New Jersey.
This floating rate loan includes initial funding of $34.9 million and a
future funding allowance of $2.7 million for property improvements and
leasing capital. The loan is structured with a three-year initial term
and a single one-year borrower extension option, subject to the borrower
meeting certain conditions, and has an as-is LTV ratio of 79%.
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
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.
Senior Director, Marketing & Investor