Orono apartment complex gets $18.1M bridge loan
Orchard Trails Apartments, a 576-bed student housing community in Orono serving the University of Maine, has closed on a $18.1 million bridge loan that will refinance the development’s mortgage and help pay for upgrades.
The three-year loan includes funding of $17 million and an allowance of $1.1 million for property improvements, according to a news release Monday from real estate finance company Tremont Mortgage Trust (Nasdaq: TRMT).
Details of the planned improvements were not available.
Orchard Trails offers “luxury student housing” at 4 Empire Drive, less than a mile from the UMaine campus.
Tremont Mortgage Trust, based in Newton, Mass., focuses on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate.
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