Tremont Mortgage Trust TRMT today announced the closing of a $14.5 million first mortgage bridge loan it provided to finance the acquisition of Baker Square Shopping Center, a 158,380 square foot retail center in Omaha, Nebraska.
This floating rate loan includes initial funding of $13 million and a future funding allowance of approximately $1.5 million for property improvements and leasing capital. The loan is structured with a three-year initial term with two one-year extension options, subject to the borrower meeting certain conditions, and has an as-is LTV ratio of 77%.
Tremont Mortgage Trust TRMT is a real estate finance company that focuses 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190618005991/en/
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.