{"id":1004521594,"date":"2021-04-13T03:41:33","date_gmt":"2021-04-13T11:41:33","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004521594"},"modified":"2021-05-12T22:59:41","modified_gmt":"2021-05-13T06:59:41","slug":"rmr-mortgage-trust-lands-34m-refi-for-colorado-springs-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rmr-mortgage-trust-lands-34m-refi-for-colorado-springs-assets\/","title":{"rendered":"RMR Mortgage Trust Obtains $34M Refi for Colorado Springs Assets"},"content":{"rendered":"

RMR Mortgage Trust has closed a $34.3 million first mortgage floating-rate bridge loan to refinance a pair of commercial properties in Colorado Springs, Colo.<\/p>\n

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READ ALSO<\/strong>: What the Hike in M&A Activity Signals<\/a><\/p>\n

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RMR Mortgage\u2019s manager, Tremont Realty Capital, was introduced to the transaction by Essex Financial Group, which advised the sponsor, Flywheel Capital of Denver.<\/p>\n

The 25.9-acre Class B complex, also known as Interquest Office Campus, was built in 1998, according to information provided to Commercial Property Executive<\/em> by CommercialEdge. It had been purchased by Flywheel in September 2018 for $27.9 million.<\/p>\n

\"Interquest<\/a>

Interquest Office Campus. Image via Google Street View<\/em><\/p><\/div>\n

The properties are a 191,000-square-foot office building and a 97,000-square-foot industrial building at 10125 and 10205 Federal Drive, respectively, in Colorado Springs.<\/p>\n

An initial advance of about $29 million was funded at closing, with future advances of up to $5.3 million available for tenant improvements, leasing commissions and capital expenditures. The loan is structured with a three-year initial term and a one-year extension option, subject to the borrower meeting certain requirements.<\/p>\n

In a prepared statement, RMR Mortgage President Tom Lorenzini noted, \u201cThrough the efforts of our manager, Tremont Realty Capital, this is our ninth loan closing, increasing our portfolio of committed capital to more than $250 million.\u201d<\/p>\n

Getting by<\/h2>\n

The Colorado Springs office market is doing passably well despite the pandemic, driven mostly by renewed leasing by smaller tenants and secondarily by expansion of larger tenants already in the market, according to a first-quarter report by local firm Hoff & Leigh. Overall vacancy is 8.8 percent, and year-over-year rent growth was 1.7 percent.<\/p>\n

On the industrial side, vacancies remain tight despite a modest amount of negative net absorption over 2020, also according to Hoff & Leigh. And although rent growth seems to be faltering, more than $30 million in industrial assets traded in the third quarter.<\/p>\n

The RMR Group Inc., which is the parent company of Tremont\u2014RMR Mortgage Trust’s manager\u2014has recently closed a $680 million private capital investment vehicle<\/a> that focuses on acquiring industrial and logistics properties across the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s portfolio of committed capital now exceeds $250 million.<\/p>\n","protected":false},"author":882,"featured_media":1004528398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,21742,21747,15],"tags":[33461],"class_list":["post-1004521594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-latest","category-office","category-west","tag-the-rmr-group"],"acf":[],"yoast_head":"\nRMR Mortgage Trust Obtains $34M Refi for Colorado Springs Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rmr-mortgage-trust-lands-34m-refi-for-colorado-springs-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RMR Mortgage Trust Obtains $34M Refi for Colorado Springs Assets\" \/>\n<meta property=\"og:description\" content=\"The company\u2019s portfolio of committed capital now exceeds $250 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rmr-mortgage-trust-lands-34m-refi-for-colorado-springs-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-13T11:41:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-13T06:59:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Interquest-Office-Campus.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1426\" \/>\n\t<meta property=\"og:image:height\" content=\"537\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rmr-mortgage-trust-lands-34m-refi-for-colorado-springs-assets\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rmr-mortgage-trust-lands-34m-refi-for-colorado-springs-assets\/\",\"name\":\"RMR Mortgage Trust Obtains $34M Refi for Colorado Springs Assets - 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