RMR Mortgage Trust Provides $19 Million First Mortgage Bridge Loan for the Refinancing of a Lab Campus in Berkeley, CA
01/04/2021 - 08:00 AM
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.
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About RMRM
RMR Mortgage Trust is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. RMRM is managed by an affiliate of The RMR Group Inc. Substantially all of RMR’s business is conducted by its majority owned subsidiary, The RMR Group LLC, which is an alternative asset management company with more than $32 billion in assets under management and more than 30 years of institutional experience in buying, selling, financing and operating commercial real estate.