NEWTON, Mass.--(BUSINESS WIRE)--Tremont Realty Capital today announced the closing of a $27 million first mortgage loan to refinance 400 Devon Park Drive, a 138,065 square foot industrial property located at 400 Devon Park Drive in Wayne, Pennsylvania, an affluent Philadelphia submarket.
The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. Tremont Realty Capital was introduced to the transaction by JLL, which advised the joint venture sponsorship of Mainstreet Capital Partners, Inc. and Contrarian Capital Management, LLC. Funding for the loan was provided by The RMR Group (Nasdaq: RMR).
Tom Lorenzini, Senior Vice President of Tremont Realty Capital, made the following statement:
“Tremont continues to be an active participant in middle market commercial real estate transactions. Including the 400 Devon Park Drive loan, Tremont has closed more than $100 million in loans in 2024. With a robust pipeline, Tremont is well positioned to execute quality loan opportunities across all property types.”
About Tremont Realty Capital
Tremont Realty Capital is the commercial real estate finance division of The RMR Group (Nasdaq: RMR). Tremont is a direct lender that originates and invests in loans secured by middle market and transitional commercial real estate on behalf of its capital sources, including Seven Hills Realty Trust (Nasdaq: SEVN). For more information about Tremont, please visit www.tremontcapital.com.
NMLS #1752106
Arizona Commercial Mortgage Banker License #CBK-0949402
California Finance Lender License #60DBO-80218
