NEWTON, Mass .– (COMMERCIAL THREAD) –Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $ 13.4 million variable rate bridge loan to finance the acquisition of Parallax Apartments, a 66-unit Class A multi-family building located at 4030 North Williams Avenue in Portland, Oregon. The loan is structured with an initial term of three years and two options for one year extension, subject to the borrower meeting certain conditions. director of TRMT, Capital Immobilier Tremont, was presented for transaction by IPA Capital Markets, a Marcus & Millichap company.
Tom lorenzini, President of TRMT, made the following statement:
“We are pleased to announce the closing of this first mortgage secured by a modern, central multi-family property located in one of Portland’s most popular residential areas. This loan responds to TRMT’s objective of investing capital in strong credit opportunities, backed by mid-market commercial real estate properties and high quality sponsors. TRMT’s investment pipeline remains active and we look forward to executing additional loans like Parallax that meet our performance and credit criteria.
Tremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance company that creates and invests in senior mortgages secured by middle and bridging commercial real estate. TRMT is managed by a subsidiary of Le Groupe RMR Inc. (Nasdaq: RMR). Almost all of RMR’s business is carried out by its majority-owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $ 32 billion in assets under management and over 35 years of institutional experience. in the purchase, sale, financing and operation of commercial real estate. domain. For more information on TRMT, please visit www.trmtreit.com.
Tremont Realty Capital, on behalf of its sources of capital, Tremont Mortgage Trust (Nasdaq: TRMT) and RMR Mortgage Trust (Nasdaq: RMRM), is a direct lender that invests in loans guaranteed by intermediate and bridging commercial real estate. Tremont Realty Capital is the trading name of Tremont Realty Advisors LLC, which is a subsidiary of The RMR Group (Nasdaq: RMR). For more information on Tremont Realty Capital, please visit www.tremontcapital.com.
CAUTION REGARDING 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. In addition, whenever TRMT uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “can” and negatives or derivatives of such or similar expressions, TRMT makes forward-looking statements. These forward-looking statements are based on TRMT’s current intention, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained or implied by TRMT’s forward-looking statements due to various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of TRMT. For example:
Statements in this press release regarding the quality of the Parallax loan and TRMT’s investment pipeline remaining active and expectations regarding additional loans that meet the performance and credit criteria required by TRMT, may imply that TRMT will execute transactions. additional loans of the same quality as the Parallax Loan and that TRMT’s business will continue to grow to its current level or improve accordingly. However, TRMT’s ability to execute additional loans is subject to its ability to raise profitable additional equity, whether through prepayments of loans or otherwise, as well as various risks, including the competitive nature. the commercial real estate lending industry; and other factors, many of which are beyond its control. These and other risks and factors may prevent TRMT from executing additional loans and executing its business plan.
Information contained in documents filed by TRMT with the Securities and Exchange Commission, or SEC, including under the heading “Risk Factors” in or incorporated into TRMT’s periodic reports, identifies other important factors that could cause TRMT’s actual results to differ materially from those indicated or implied by TRMT’s forward-looking statements. Documents filed by TRMT with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance on forward-looking statements.
Except as required by law, TRMT does not intend to update or modify any forward-looking statements as a result of new information, future events or otherwise.
A Maryland real estate investment trust with transferable beneficial interest shares listed on the Nasdaq.
No shareholder, trustee or officer is personally liable for any act or obligation of the Trust.