NEWTON, Mass.–(BUSINESS WIRE)–RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $39.2 million first mortgage floating-rate bridge loan financing the acquisition of two Class A cold storage industrial buildings located at 6 Rockingham Road and 219 Rockingham Road in Londonderry, New Hampshire. Upon closing, the properties were leased back to Highwood Cold Storage and Londonderry Freezer Warehouse, respectively. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Cushman and Wakefield, which advised the sponsor, KPR.
An initial advance of approximately $34.2 million was funded at closing with future advances of up to $5.0 million available for tenant improvements, leasing commissions and capital expenditures. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.
Tom Lorenzini, President of RMRM, made the following statement:
“This first mortgage loan secured by two well positioned cold storage industrial properties continues our growth and real estate sector diversification of RMRM’s investment portfolio. It further demonstrates our ability to offer flexible financing to owners of middle market and transitional commercial real estate.”
RMR Mortgage Trust (Nasdaq: RMRM) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. RMRM is managed by an affiliate of The RMR Group Inc. (Nasdaq: RMR). Substantially all of RMR’s business is conducted by its majority owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $32 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 RMRM, please visit www.rmrmortgagetrust.com.
Tremont Realty Capital, on behalf of its capital sources, Tremont Mortgage Trust (Nasdaq: TRMT) and RMR Mortgage Trust (Nasdaq: RMRM), 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.
WARNING CONCERNING 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. Also, whenever RMRM uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, RMRM is making forward-looking statements. These forward-looking statements are based upon RMRM’s 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 RMRM’s 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 RMRM’s control. For example:
- This press release references continued momentum expanding and diversifying RMRM’s investment portfolio, which may imply that RMRM will close additional loans and that its business will continue to improve as a result. However, RMRM’s business and ability to execute loans are subject to various risks, including the competitive nature of the industry in which it operates, as well as other factors, many of which are outside its control, such as the current COVID-19 pandemic. These risks and other factors may prevent RMRM from successfully closing additional loans, executing its new business and realizing its investment objective. Further, once RMRM invests or commits its remaining capital, its ability to continue to grow and fund loans will be subject to its ability to obtain additional cost-effective capital or its redeploying proceeds from repayments of its loan investments.
The information contained in our “Summary of Principal Risk Factors” included in our Current Report on Form 8-K filed on March 24, 2021 with the Securities and Exchange Commission, or SEC, identifies other important factors that could cause RMRM’s actual results to differ materially from those stated in or implied by RMRM’s forward looking statements. RMRM’s filings with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, RMRM does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Statutory 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.
Kevin Barry, Manager, Investor Relations