Tremont Mortgage Trust (Nasdaq: TRMT) today announced the closing of a $50.0 million first mortgage floating rate bridge loan to finance the acquisition of 10000 NCX, a Class A, 15-story, 296,000 square foot office tower located at 10000 North Central Expressway in Dallas, Texas. TRMT’s manager, Tremont Realty Capital, was introduced to the transaction by Colliers International, which advised the sponsor, Charter Holdings.
TRMT funded an initial advance of approximately $43.5 million at closing, with future advances of up to $6.5 million available for tenant improvements and leasing commissions. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain conditions.
Tom Lorenzini, President of TRMT, made the following statement:
“This $50.0 million first mortgage loan is secured by a well leased, Class A office property, located in the Dallas North Central Expressway submarket. It reflects continued progress on our plan to reinvest capital from recent loan repayments into strong credit opportunities backed by middle market commercial real estate and high quality sponsors. Our origination platform remains active and we are well positioned to take advantage of ample investment opportunities in the bridge loan market to further expand our portfolio and generate attractive risk-adjusted returns for our shareholders.”
