NEWTON, Mass .– (COMMERCIAL THREAD) – RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of two new senior mortgages totaling $ 41.1 million with initial financing of $ 31.9 million.
RMRM has entered into an initial $ 24.6 million mortgage bridge loan for the acquisition of 5500 Franklin Avenue, a 2-acre commercial property in the East Hollywood / Silverlake submarket of Los Angeles, California. This variable rate loan includes initial financing of approximately $ 17.2 million to finance the acquisition and a provision for future financing of approximately $ 7.4 million for the expansion. The loan is structured with an initial term of two years and two options of one year extension, subject to the borrower meeting certain conditions.
RMRM also entered into an initial bridge loan of $ 16.5 million to refinance 750 North Commons Drive, a mixed-use property consisting of a 114,000 square foot office building and a 91,000 industrial warehouse. square feet on 16 acres in Aurora, Illinois. This variable rate loan includes initial financing of approximately $ 14.7 million and a provision for future financing of approximately $ 1.8 million for leasehold improvements. The loan is structured with an initial term of three years and an option to extend for one year, subject to the borrower meeting certain conditions.
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 which is the majority-owned operating subsidiary of The RMR Group Inc.
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