Portland Loan Meets Tremont’s Investment Objectives

A $13.4 million first mortgage floating-rate bridge loan was recently secured to finance the acquisition of Parallax Apartments, a 66-unit class-A multifamily property located at 4030 North Williams Ave. in Portland. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.

Tremont Realty Mortgage Trust’s (TRMT) manager, Tremont Realty Capital, was introduced to the transaction by IPA Capital Markets, a Marcus & Millichap company.

“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,” says Tom Lorenzini, president of TRMT. “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.”