Tremont Mortgage Trust Closes $29.5 Million First Mortgage Bridge Loan to Acquire a St. Louis, MO Office Portfolio
NEWTON, Mass.--(BUSINESS WIRE)--Dec 20, 2018--Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $29.5 million first mortgage bridge loan it provided to finance the acquisition of the West Park I, West Park II and Pine View Point Office Portfolio, comprised of three buildings totaling 299,000 square feet, located in St. Louis, Missouri.
This floating rate loan includes initial funding of $26.4 million and a future funding allowance of $3.1 million for property improvements and leasing capital. The loan is structured with a three-year initial term and two one-year borrower extension options and has an as-is LTV ratio of 71%.
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 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.
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CONTACT: Christopher Ranjitkar
Senior Director, Marketing & Investor Relations
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Tremont Mortgage Trust
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PUB: 12/19/2018 10:42 PM/DISC: 12/20/2018 07:00 AM