{"id":533741,"date":"2021-09-02T08:03:49","date_gmt":"2021-09-02T12:03:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tremont-mortgage-trust-closes-50-0-million-first-mortgage-bridge-loan-to-finance-acquisition-of-an-office-property-in-dallas-texas\/"},"modified":"2021-09-02T08:03:49","modified_gmt":"2021-09-02T12:03:49","slug":"tremont-mortgage-trust-closes-50-0-million-first-mortgage-bridge-loan-to-finance-acquisition-of-an-office-property-in-dallas-texas","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tremont-mortgage-trust-closes-50-0-million-first-mortgage-bridge-loan-to-finance-acquisition-of-an-office-property-in-dallas-texas\/","title":{"rendered":"Tremont Mortgage Trust Closes $50.0 Million First Mortgage Bridge Loan to Finance Acquisition of an Office Property in Dallas, Texas"},"content":{"rendered":"

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Tremont Mortgage Trust Closes $50.0 Million First Mortgage Bridge Loan to Finance Acquisition of an Office Property in Dallas, Texas<\/b><\/p>\n

NEWTON, Mass.–(BUSINESS WIRE<\/a>)–Tremont Mortgage Trust (Nasdaq: TRMT)<\/a> today announced the closing of a $50.0 million first mortgage floating rate bridge loan to finance the acquisition of 10000 NCX, a Class A, 15-story, 296,000 square foot office tower located at 10000 North Central Expressway in Dallas, Texas. TRMT\u2019s manager, Tremont Realty Capital<\/a>, was introduced to the transaction by Colliers International<\/a>, which advised the sponsor, Charter Holdings<\/a>.\n<\/p>\n

\nTRMT funded an initial advance of approximately $43.5 million at closing, with future advances of up to $6.5 million available for tenant improvements and leasing commissions. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain conditions.\n<\/p>\n

Tom Lorenzini<\/a>, President of TRMT, made the following statement:\n<\/p>\n

\n\u201cThis $50.0 million first mortgage loan is secured by a well leased, Class A office property, located in the Dallas North Central Expressway submarket. It reflects continued progress on our plan to reinvest capital from recent loan repayments into strong credit opportunities backed by middle market commercial real estate and high quality sponsors. Our origination platform remains active and we are well positioned to take advantage of ample investment opportunities in the bridge loan market to further expand our portfolio and generate attractive risk-adjusted returns for our shareholders.\u201d\n<\/p>\n

\nTremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. TRMT is managed by an affiliate of The RMR Group Inc. (Nasdaq: RMR)<\/a>. Substantially all of RMR\u2019s business is conducted by its majority owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $32.4 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about TRMT, please visit www.trmtreit.com<\/a>.\n<\/p>\n

\nTremont Realty Capital, on behalf of its capital sources, Tremont Mortgage Trust (Nasdaq: TRMT)<\/a> and RMR Mortgage Trust (Nasdaq: RMRM)<\/a>, is a direct lender that invests in loans secured by middle market and transitional commercial real estate. Tremont Realty Capital is the trade name of Tremont Realty Advisors LLC, which is an affiliate of The RMR Group (Nasdaq: RMR). For more information about Tremont Realty Capital please visit www.tremontcapital.com<\/a>.\n<\/p>\n

WARNING CONCERNING FORWARD-LOOKING STATEMENTS<\/span><\/b><\/p>\n

\nThis 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 TRMT uses words such as \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cwill,\u201d \u201cmay\u201d and negatives or derivatives of these or similar expressions, TRMT is making forward-looking statements. These forward-looking statements are based upon TRMT\u2019s 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 TRMT\u2019s 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 TRMT\u2019s control. For example:\n<\/p>\n