RMR Mortgage Trust Closes on $54.6 Million First Mortgage Bridge Loan for the Refinancing of Two Manufactured Housing Communities in Ohio
RMR Mortgage Trust (Nasdaq: RMRM) has successfully closed a $54.6 million first mortgage bridge loan for refinancing two manufactured housing communities in Ohio, totaling around 1,200 home sites. The loan features an initial funding of approximately $44.6 million and a subsequent allowance of about $10 million for capital improvements. This marks RMRM's largest loan to date, enhancing its portfolio to over $150 million in invested equity and $175 million in committed capital. The initiative aligns with the company's strategy as a commercial mortgage REIT, supported by manager Tremont Realty Capital.
- Closed a $54.6 million mortgage loan, the largest in RMRM's history.
- Portfolio expanded to over $150 million in invested equity and $175 million in committed capital.
- Significant loan aimed at enhancing two manufactured housing communities, reflecting strong business strategy execution.
- Business execution is subject to risks, including competition and external factors like the COVID-19 pandemic.
- Future loan closures and growth are contingent on obtaining additional cost-effective capital.
RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a
This first mortgage bridge loan includes an initial funding of approximately
Tom Lorenzini, President of RMRM, made the following statement:
“We are pleased to close our largest loan to date and our seventh loan overall, which reflects continued momentum executing RMRM’s new business strategy as a commercial mortgage REIT. RMRM’s portfolio now exceeds
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 more than
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 recent loans closed and momentum in executing RMRM’s new business as a commercial mortgage REIT, 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 and executing its new business. 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 RMRM’s filings with the SEC, including under “Risk Factors” in RMRM’s periodic reports or incorporated therein, 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.
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FAQ
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