Tremont Mortgage Trust Provides $37.6M Acquisition Loan for Industrial Facility in New Jersey
BARRINGTON, N.J. — Boston-based commercial lender Tremont Mortgage Trust has provided a $37.6 million first mortgage bridge loan for the acquisition of Barrington Business Center, a 931,682-square-foot industrial facility located in Barrington, just south of Philadelphia. The multi-tenant property offers convenient access to I-295 and the New Jersey Turnpike, 30- to 34-foot clear heights and was approximately 94 percent occupied at the time of the loan closing. The floating-rate financing includes $34.9 million in initial funding and a future funding allowance of $2.7 million for property improvements and leasing capital. The loan is structured with a 79 percent loan-to-value ratio and a three-year term with a one-year borrower extension option. The borrower was not disclosed.