Londonderry, NH RMR Mortgage Trust (RMRM) closed a $39.2 million first mortgage floating-rate bridge loan financing the acquisition of two class A cold storage industrial buildings located at 6 Rockingham Rd. and 219 Rockingham Rd. Upon closing, the properties were leased back to Highwood Cold Storage and Londonderry Freezer Warehouse, respectively. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Cushman & Wakefield, which advised the sponsor, KPR.
An initial advance of $34.2 million was funded at closing with future advances of up to $5 million available for tenant improvements, leasing commissions and capital expenditures. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.
Tom Lorenzini, president of RMRM, said, “This first mortgage loan secured by two well-positioned cold storage industrial properties continues our growth and real estate sector diversification of RMRM’s investment portfolio. It further demonstrates our ability to offer flexible financing to owners of middle market and transitional commercial real estate.”