RMR Mortgage Trust has provided a $39.2 million first mortgage, floating-rate bridge loan to finance the acquisition of two Class A cold storage industrial buildings located at 6 Rockingham Road and 219 Rockingham Road in Londonderry, N.H.
Upon closing, the properties were leased back to Highwood Cold Storage and Londonderry Freezer Warehouse, respectively. An initial advance of approximately $34.2 million was funded at closing with future advances of up to $5.0 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.
“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,” said Tom Lorenzini, president at RMR. “It further demonstrates our ability to offer flexible financing to owners of middle market and transitional commercial real estate.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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