Tremont Mortgage Trust Closes $12.8 Million First Mortgage Bridge Loan to Acquire a Phoenix, AZ Retail Center
NEWTON, Mass.--(BUSINESS WIRE)--Dec 3, 2018--Tremont Mortgage Trust (Nasdaq:TRMT) today announced the closing of a $12.8 million first mortgage bridge loan to finance the acquisition of the Mountainview Marketplace Retail Center, a 123,000 square foot retail property located in Phoenix, Arizona.
This floating rate loan includes initial funding of $5.8 million and a future funding allowance of $7.0 million for property improvements and leasing capital. The loan is structured with a two-year initial term and two one-year extension options and has an as-is LTV ratio of 48%.
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: Tremont Mortgage Trust
Senior Director, Marketing & Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA MASSACHUSETTS
INDUSTRY KEYWORD: DEPARTMENT STORES PROFESSIONAL SERVICES FINANCE RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Tremont Mortgage Trust
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PUB: 12/03/2018 07:00 AM/DISC: 12/03/2018 07:01 AM