Tremont Realty Capital Announces the Closing of a $27 Million Mortgage Loan to Refinance an Industrial Property in Wayne, PA
Summary
Tremont Realty Capital today announced the closing of a $27 million first mortgage loan to refinance 400 Devon Park Drive, a 138,065 square foot industrial property located at 400 Devon Park Drive in Wayne, Pennsylvania, an affluent Philadelphia submarket.The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. Funding for the loan was provided by The RMR Group (NASDAQ:RMR).Tom Lorenzini, Senior Vice President of Tremont Realty Capital, made the following statement:"Tremont continues to be an active participant in middle market commercial real estate transactions. With a robust pipeline, Tremont is well positioned to execute quality loan opportunities across all property types. "Tremont Realty Capital is the commercial real estate finance division of The RMR Group (NASDAQ:RMR). Tremont is a direct lender that originates and invests in loans secured by middle market and transitional commercial real estate on behalf of its capital sources, including Seven Hills Realty Trust (NASDAQ:SEVN).