NEWTON, Mass.--(BUSINESS WIRE)--Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $37.6 million first mortgage bridge loan to finance the acquisition of Barrington Business Center, a 931,682 square foot multi tenant industrial facility located in Barrington, New Jersey.
This floating rate loan includes initial funding of $34.9 million and a future funding allowance of $2.7 million for property improvements and leasing capital. The loan is structured with a three-year initial term and a single one-year borrower extension option, subject to the borrower meeting certain conditions, and has an as-is LTV ratio of 79%.
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.
