RMR Mortgage Trust has announced the closing of a $27.4 million first mortgage floating-rate bridge loan to refinance 500 N. Central Expressway in Plano, Texas, a five-story, 237,000 square foot, multi-tenant office property. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Jones Lang LaSalle Incorporated, which advised the sponsor, MoxieBridge.
An initial advance of approximately $24.6 million was funded at closing with future advances of up to $2.8 million available for tenant improvements, leasing commissions and capital expenditures. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.
Tom Lorenzini, President of RMRM, made the following statement:
“We continue to expand and diversify RMRM’s portfolio with the closing of this first mortgage whole loan. This loan fits squarely within our principal investment objective of investing in high quality loans secured by middle market and transitional commercial real estate supported by well capitalized sponsors and cash-flowing properties. RMRM is well positioned for continued portfolio growth with numerous attractive opportunities in our pipeline and ample liquidity available for investment.”