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Seven Hills Realty Trust (Nasdaq: SEVN) has successfully closed a $21 million floating-rate bridge loan to acquire Bellevue Terrace, a 72,000-square-foot multi-tenant office property in Bellevue, Washington. The initial funding of approximately $20 million will support the purchase, with an additional $1 million available for improvements. The loan, managed by Tremont Realty Capital, has a three-year term with extension options. SEVN's President, Tom Lorenzini, highlighted the company's aim to grow its portfolio by funding well-leased properties and stated a positive outlook on future transactions.
Seven Hills Realty Trust (Nasdaq: SEVN) will release its third quarter 2021 financial results on November 2, 2021, post-Nasdaq close. A conference call featuring President Tom Lorenzini and CFO Doug Lanois is set for November 3, 2021, at 10:00 a.m. ET. Interested parties can join via phone or a live audio webcast on the company’s website. The replay will be accessible until November 10, 2021. Seven Hills Realty Trust, previously known as RMR Mortgage Trust (Nasdaq: RMRM), focuses on first mortgage loans in commercial real estate, managed by The RMR Group Inc. (Nasdaq: RMR).
RMR Mortgage Trust (Nasdaq:RMRM) has closed a $16.5 million first mortgage floating-rate bridge loan to finance the acquisition of City Center Crossing, a grocery-anchored retail center in Sandy Springs, Atlanta. An initial advance of $14.8 million was made, with about $1.7 million reserved for tenant improvements. This loan, which adds to RMRM's portfolio of over $325 million in committed capital, is part of the company's strategy to diversify its investments and tap into growth opportunities in the Atlanta market.
RMR Mortgage Trust announced that shareholders approved the issuance of common shares in its merger with Tremont Mortgage Trust to create a new company named Seven Hills Realty Capital.
The merger, effective September 30, 2021, was supported by 92.3% of voting shareholders. This transaction is expected to establish a diversified commercial mortgage REIT with total assets nearing
The combined entity aims to enhance access to capital markets and improve operating efficiency to deliver attractive risk-adjusted returns.
Tremont Mortgage Trust (Nasdaq: TRMT) announced that shareholders approved its merger with RMR Mortgage Trust (Nasdaq: RMRM) during a special meeting on September 17, 2021. This merger, set to take effect on September 30, 2021, will create a new entity named Seven Hills Realty Capital, with total assets expected to approach
Tremont Mortgage Trust (Nasdaq: TRMT) has successfully closed a
Tremont Mortgage Trust (Nasdaq: TRMT) has announced a final cash distribution of
RMR Mortgage Trust (Nasdaq: RMRM) announces a cash distribution of $0.15 per common share for the quarter ending September 30, 2021. Payment will be made on or about September 29, 2021, to shareholders of record as of September 7, 2021. Additionally, the merger exchange ratio with Tremont Mortgage Trust (Nasdaq: TRMT) has been adjusted to 0.516 RMRM shares per TRMT share, with the merger anticipated to close on September 30, 2021, pending shareholder approvals. RMRM expects to resume regular quarterly distributions in February 2022.
RMR Mortgage Trust (Nasdaq: RMRM) announced the closing of a $12.5 million first mortgage floating-rate bridge loan for the acquisition of 80 Main, a 45-unit Class A apartment building in Seattle. The loan has a three-year term with two one-year extension options. This closing marks RMRM's seventh loan of the year, expanding its investment portfolio to over $300 million. RMRM's management emphasizes a focus on capital investment in first mortgage loans secured by transitional commercial real estate, expecting growth in the latter half of 2021.
RMR Mortgage Trust (RMRM) reported strong financial results for the quarter and six months ending June 30, 2021. Key highlights include a net income of $1.16 million, up 231.4% from the previous quarter, and distributable earnings climbing 283.4% to $1.34 million. The company closed two new loans totaling $73.5 million, expanding its total committed capital to nearly $300 million with a pipeline exceeding $600 million. RMRM is on track to complete its merger with Tremont Mortgage Trust in Q3 2021. The firm also maintained compliance with its master repurchase facility.
