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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.
Tremont Mortgage Trust (Nasdaq: TRMT) announced the closure of a $13.4 million first mortgage floating-rate bridge loan for the acquisition of Parallax Apartments, a 66-unit Class A multifamily property in Portland, Oregon. The loan offers a three-year term with two one-year options for extension. TRMT's president, Tom Lorenzini, highlighted this loan as part of their strategy to invest in high-quality credit opportunities in the middle market commercial real estate segment. The company remains optimistic about its active investment pipeline.
Tremont Mortgage Trust (Nasdaq: TRMT) reported financial results for the quarter and six months ending June 30, 2021. The net income decreased by 95.9% to $98, while the adjusted distributable earnings fell by 15.8% to $2,048. The company maintains a stable portfolio with $600 million in transactions under review and plans to merge with RMR Mortgage Trust, expected to enhance shareholder value by increasing assets to nearly $1 billion. The portfolio includes 13 first mortgage loans with a weighted average coupon rate of 5.61%.
Tremont Mortgage Trust (Nasdaq: TRMT) announced a quarterly cash distribution of $0.10 per common share, amounting to $0.40 annually. This distribution will be paid to shareholders of record by the close of business on July 26, 2021, with expected payments around August 19, 2021.
TRMT specializes in financing first mortgage loans secured by transitional commercial real estate and is managed by The RMR Group, which handles $32 billion in assets.
Tremont Mortgage Trust (Nasdaq: TRMT) will release its second quarter 2021 financial results after the Nasdaq closes on July 27, 2021. A conference call will be hosted on July 28, 2021, at 10:00 a.m. ET by President Tom Lorenzini and CFO Doug Lanois to discuss the results. Participants can join by calling (833) 366-1119 or (412) 902-6771 for international access. A live audio webcast will be available on the company's website. A replay of the call will be accessible until August 4, 2021.
