RMR Mortgage Trust Provides $19 Million First Mortgage Bridge Loan for the Refinancing of a Lab Campus in Berkeley, CA

Rhea-AI Summary

RMR Mortgage Trust (Nasdaq: RMRM) has closed a $19.1 million first mortgage bridge loan to refinance a lab campus in Berkeley, California, containing 47,000 square feet across three buildings. This loan features an initial funding of approximately $18.9 million and a $0.2 million allowance for leasing costs, with a three-year term and two one-year extension options. RMRM is transitioning from a closed-end investment company to a mortgage real estate investment trust. The press release also includes a caution regarding forward-looking statements and potential risks.

Positive

• Closure of a $19.1 million mortgage bridge loan.
• Loan structured with three-year term and two extension options.
• Transitioning to a mortgage real estate investment trust may enhance operational focus.

Negative

• Dependence on borrower meeting specific requirements for extension options.
• Forward-looking statements contain inherent risks and uncertainties.

RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $19.1 million first mortgage bridge loan it provided to refinance a three building lab campus containing 47,000 square feet on three acres in Berkeley, California.

This first mortgage bridge loan includes initial funding of approximately $18.9 million and a future funding allowance of approximately $0.2 million for leasing costs. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.

RMR Mortgage Trust (Nasdaq: RMRM) historically operated as a registered closed end investment company advised by RMR Advisors LLC, but is in the process of transitioning to a mortgage real estate investment trust. RMR Advisors LLC is a wholly owned subsidiary of The RMR Group LLC, an alternative asset management company that is the majority owned operating subsidiary of The RMR Group Inc.

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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210104005145/en/

FAQ

What is the value of the loan closed by RMR Mortgage Trust?

RMR Mortgage Trust closed a $19.1 million first mortgage bridge loan.

What type of property is financed by the loan?

The loan refinances a lab campus in Berkeley, California.

What is the term structure of the loan provided by RMR Mortgage Trust?

The loan has a three-year initial term with two one-year extension options.

What is RMR Mortgage Trust transitioning to?

RMR Mortgage Trust is transitioning to a mortgage real estate investment trust.

What are the risks associated with the forward-looking statements in the PR?

Forward-looking statements involve known and unknown risks that may cause actual results to differ materially.