RMR Mortgage Trust Provides $10.9 Million First Mortgage Bridge Loan for the Acquisition of an Office Building in Miami, FL

Rhea-AI Summary

RMR Mortgage Trust (Nasdaq: RMRM) has successfully closed a $10.9 million first mortgage bridge loan to finance the acquisition of a nine-story multi-tenant office building totaling 83,000 square feet located at 5040 NW 7th Street, Miami, Florida. This mortgage bridge loan features a two-year initial term with two one-year extension options, contingent on borrower compliance with specific criteria. RMR Mortgage Trust specializes in originating and investing in first mortgage loans backed by middle market and transitional commercial real estate.

Positive

• Closing of $10.9 million first mortgage bridge loan indicates active investment strategy.
• Acquisition enhances portfolio with a nine-story office building in a prime location.
• Two-year initial term with extension options provides flexibility for the borrower.

Negative

• None.

RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $10.9 million first mortgage bridge loan it provided to finance the acquisition of a nine-story multi-tenant office building containing 83,000 square feet at 5040 NW 7th Street in Miami, Florida. This first mortgage bridge loan is structured with a two-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.

RMR Mortgage Trust (Nasdaq: RMRM) is a real estate finance company that focuses on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate. RMR Mortgage Trust is managed by Tremont Realty Advisors LLC, an SEC registered investment adviser, which is a direct subsidiary of The RMR Group LLC. The RMR Group LLC, an alternative asset management company, is the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), which is headquartered in Newton, MA.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210120005167/en/

FAQ

What is the purpose of RMR Mortgage Trust's $10.9 million loan?

The loan is intended to finance the acquisition of a nine-story office building in Miami.

What are the terms of the mortgage bridge loan closed by RMRM?

The loan has a two-year initial term and includes two one-year extension options, subject to borrower requirements.

How does this acquisition impact RMR Mortgage Trust?

The acquisition adds a significant asset to RMR Mortgage Trust's portfolio, promoting growth in its investment strategy.

Where is the acquired office building located?

The office building is located at 5040 NW 7th Street in Miami, Florida.