Tremont Mortgage Trust Announces Management and Board Changes
Tremont Mortgage Trust (Nasdaq: TRMT) has appointed Thomas J. Lorenzini as President, effective January 1, 2021. Lorenzini has over 25 years in commercial real estate finance, previously serving as Managing Director at Tremont Realty Capital. Additionally, Matthew P. Jordan has been named Managing Trustee, effective the same date, continuing his roles as Executive VP, CFO, and Treasurer at RMR. The changes follow the retirement of David M. Blackman on June 30, 2021, after a significant tenure since 2017. These appointments aim to enhance TRMT's loan portfolio and growth prospects.
- Appointment of an experienced leader, Thomas J. Lorenzini, as President to drive growth.
- Matthew P. Jordan to strengthen management as Managing Trustee while maintaining financial oversight.
- Retirement of long-serving executive David M. Blackman could lead to transitional challenges.
- Potential uncertainty during leadership transition may affect operational stability.
NEWTON, Mass.--(BUSINESS WIRE)--Tremont Mortgage Trust (Nasdaq: TRMT) today announced that Thomas J. Lorenzini has been appointed President effective January 1, 2021.
Mr. Lorenzini has served as Managing Director, Capital Markets for Tremont Realty Capital, the commercial real estate finance division of RMR, since 2019 and previously served as Senior Director Capital Markets, of Tremont Realty Capital since 2016. Mr. Lorenzini is a founding member of Tremont’s predecessor business and has more than 25 years of experience in the commercial real estate finance industry. Prior to joining Tremont’s predecessor business in 2000, Mr. Lorenzini served in various leadership roles at Finova Realty Capital and Belgravia Realty Capital.
In addition, TRMT announced that Matthew P. Jordan has been appointed Managing Trustee, effective January 1, 2021. Mr. Jordan joined The RMR Group (Nasdaq: RMR) in 2012 and has been a member of the senior management team since that time. Mr. Jordan will continue to serve as Executive Vice President, Chief Financial Officer and Treasurer of RMR.
Both Mr. Lorenzini and Mr. Jordan succeed David M. Blackman, who is retiring from RMR on June 30, 2021 and therefore resigning from his executive officer positions with both TRMT and RMR effective December 31, 2020. Mr. Blackman has been with TRMT since 2017, and he has been with RMR since 2009. To ensure a smooth transition, Mr. Blackman will remain a non-executive employee of RMR until his retirement on June 30, 2021.
Adam D. Portnoy, a Managing Trustee of TRMT and a Managing Director, President and Chief Executive Officer of RMR, made the following statement:
“Tom brings an unmatched depth of experience and breadth of relationships cultivated over the past 25 years within the national commercial real estate brokerage community. The Board is confident that he is the right person to lead TRMT in expanding our high performing loan portfolio to achieve greater scale in the future.”
Tremont Mortgage Trust (Nasdaq: TRMT) 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. Tremont Mortgage Trust is managed by Tremont Realty Advisors LLC, an SEC registered investment adviser, which is an indirect subsidiary of The RMR Group Inc.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq. No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
