NEWTON, Mass.--(BUSINESS WIRE)--
Tremont Mortgage Trust (TRMT) today announced the closing of a $24.6 million first mortgage bridge loan to finance the acquisition of Crittenden Way Apartments, a 432-unit apartment community located in Rochester, New York.
This floating rate loan has an as-is LTV ratio of 74% and a three-year initial term with two one-year extension options, subject to the borrower meeting certain conditions.
Tremont Mortgage Trust (TRMT) is a real estate finance company that focuses primarily 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 and 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.