(EDITOR’S NOTE: According to public records that just recently recorded, the sale of the asset closed on July 30, 2021. The complex sold for $19 million, or about $287,879 per unit. The buyer of the property was an entity affiliated with a private investor based in La Jolla, Calif. )
NEWTON, Mass.–Tremont Mortgage Trust announced the closing of a $13.4 million first mortgage floating-rate bridge loan to finance the acquisition of Parallax Apartments, a 66-unit, Class A, multifamily property located at 4030 North Williams Avenue in Portland, Oregon. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements. TRMT’s manager, Tremont Realty Capital, was introduced to the transaction by IPA Capital Markets, a Marcus & Millichap Company.
Tom Lorenzini, President of TRMT, made the following statement:
“We are pleased to announce the closing of this first mortgage loan secured by a modern, centrally located, multifamily property located in one of Portland’s most popular residential neighborhoods. This loan meets TRMT’s objective of investing capital into strong credit opportunities, backed by middle market commercial real estate properties and high quality sponsors. TRMT’s investment pipeline remains active and we look forward to executing on additional loans like Parallax that meet our investment returns and credit criteria.”
Tremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. TRMT is managed by an affiliate of The RMR Group Inc. (Nasdaq: RMR). 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 $32 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate.
Tremont Realty Capital, on behalf of its capital sources, Tremont Mortgage Trust (Nasdaq: TRMT) and RMR Mortgage Trust (Nasdaq: RMRM), is a direct lender that invests in loans secured by middle market and transitional commercial real estate. Tremont Realty Capital is the trade name of Tremont Realty Advisors LLC, which is an affiliate of The RMR Group (Nasdaq: RMR).