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Tremont Mortgage Trust Provides $18.1 Million First Mortgage Bridge Loan for the Refinancing of Orchard Trails in Orono, ME

December 23, 2019 GMT

NEWTON, Mass.--(BUSINESS WIRE)--Dec 23, 2019--

Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $18.1 million first mortgage bridge loan to refinance Orchard Trails, a 576 bed, student housing community that services the University of Maine, in Orono, ME.

This floating rate loan includes initial funding of approximately $17.0 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain conditions.

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 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191223005035/en/

CONTACT: Joselyn Fine

Manager, Investor Relations

(617) 796-7651

KEYWORD: MAINE MASSACHUSETTS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES FINANCE

SOURCE: Tremont Mortgage Trust

Copyright Business Wire 2019.

PUB: 12/23/2019 08:00 AM/DISC: 12/23/2019 08:01 AM

http://www.businesswire.com/news/home/20191223005035/en