Tremont Realty Capital is the commercial real estate finance division of The RMR Group LLC. Tremont, through Tremont Realty Advisors LLC, a registered investment adviser subsidiary of The RMR Group, makes direct commercial real estate debt and equity investments on behalf of investment advisory clients. Tremont focuses its direct investments on transitional real estate targeting stretch bridge loans, mezzanine debt and preferred equity solutions. Tremont is also a leading provider of capital markets transaction services to owners of middle market properties. Leveraging off the nationwide platform of The RMR Group and its over 35 offices nationwide, Tremont’s experienced team of capital markets professionals provide real time local knowledge as they work with real estate sponsors to build optimal capital structures.

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About Tremont

Founded in 2000, Tremont Realty Capital’s team includes some of the most experienced and respected professionals in the real estate capital markets industry. With its capital markets focus, Tremont employs a personal, hands-on approach with each transaction, empowered by the resources of a major real estate organization. Senior professionals at Tremont enjoy strong relationships with most capital providers to the real estate industry, many that span several decades.

Tremont became part of The RMR Group Inc. (Nasdaq: RMR) in 2016 and operates the real estate finance division of one of the largest real estate companies in the U.S. From its headquarters in Greater Boston, Tremont draws on The RMR Group's national footprint of more than 35 offices and almost 600 RMR real estate professionals. The RMR Group is an alternative asset manager focused on real estate related businesses with approximately $30 billion in AUM. Its managed companies combined generate approximately $12 billion in annual revenue, own over 1,700 properties, and employ over 52,000 professionals.

Tremont by the Numbers

Over 400 Transactions Since the Firm's Inception in 2000.
Over$4.6 Billion of real estate debt and equity transactions completed
Over$340 Millionof equity invested in over $950MM of structured debt transactions as a direct lender

Our Services

Tremont Realty Capital offers services focused on providing creative structured finance solutions. We specialize in the capitalization of middle-market commercial real estate properties nationwide. We provide borrowers with capital through our various Direct Lending programs but also provide clients access to a broader array of debt and equity capital solutions through a Capital Markets execution.

Direct Lending

Tremont currently provides bridge and mezzanine financing for both transitional and stabilized commercial real estate assets on a nationwide basis.

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Our direct lending is utilized by borrowers for acquisition and repositioning plans, lease-up plays, renovation or rehabilitation of properties, recapitalization of existing debt, discounted pay-offs, partnership buy-outs and even new construction on a select basis.

Tremont’s direct lending platform is managed through The RMR Group's registered investment adviser subsidiary, Tremont Realty Advisors LLC, which principally manages institutional capital primarily focused on investments in first mortgage debt and mezzanine loans.

Tremont’s direct investment history includes managed assets totaling over $340 million in equity invested in over $950MM of structured CRE debt and equity assets.

Tremont Realty Capital Lending Parameters (as of 9/13/17)

LOAN SIZE: $10 Million to $50 Million.
COLLATERAL: First Mortgages, Mezzanine Loans and Preferred Equity.
INTEREST RATES: Typically floating rates starting at Libor + 300 bps.
LOAN TO COST: 85%
TERM: 1-5 years, including extensions.
FEES: Origination Fees: 0-1%. Exit Fees 0-1%.
AMORTIZATION: Interest only generally with amortization structured on deal by deal basis.
RECOURSE: Non-recourse, standard carve-outs only.
PREPAYMENT: Open, subject to minimum interest or yield maintenance.
PROPERTY TYPES: Office, Industrial, Multifamily, Retail, Hospitality, Manufactured Housing Communities, Self-Storage, Medical Office, Student and Senior Housing.
GEOGRAPHY: Primary and Secondary markets, Nationwide

Indicative terms are estimates based on current market conditions and are subject to change.

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Capital Markets

Our capital markets platform provides middle-market developers and borrowers access to a broad array of commercial real estate capital solutions.

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Tremont handles all of its clients' commercial real estate capital needs so they can focus on value-creation at the property-level. We are in the markets daily and can provide guidance on the most efficient and practical capitalization for any given situation.

On behalf of its borrower and developer clients, Tremont utilizes its various relationships to provide first mortgage permanent debt, bridge loans, mezzanine capital, preferred and joint-venture equity investments, all custom tailored to its clients specific capital needs.

Since inception, Tremont has completed over $4.6 billion of real estate finance transactions. Senior members of the team average over 25 years of industry experience providing highly structured CRE finance solutions for its clients.

What sets Tremont apart from other real estate lenders and advisory firms is our depth of knowledge and experience in all facets of the real estate capital stack. We have carefully cultivated and continue to maintain long-term capital relationships across a broad spectrum of capital providers. Our years of experience, broad capital relationships and national stature allow us to provide our real estate investment banking clients with practical, real world capital structuring advice, as well as, efficient and effective execution.

Our team is experienced with closing transactions involving the following forms of capital:

  • Construction Loans
  • Forward Commitments
  • Variable Rate Loans
  • Fixed Rate Loans
  • Bridge Loans
  • DPO (Discounted Pay-Offs)
  • Mezzanine Debt
  • Preferred Equity
  • Joint Venture Equity
  • Participating Loans
  • Sales and Pre-Sales
  • Note Purchases
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Our Team

Tremont Realty Capital’s professionals average over 25 years of industry experience advising institutions, investing in commercial real estate debt and sourcing capital for owners of commercial real estate.

Tremont Professionals

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Thomas Lorenzini , Senior Director of Capital Markets

Mr. Lorenzini is Senior Director of Capital Markets with responsibility for the Midwest Region and he is based in RMR’s Chicago office. Mr. Lorenzini is a founding member of Tremont’s predecessor business and has over 25 years of experience in the real estate industry and is widely considered one of the leading financing experts in the manufactured housing community and self-storage industries. Prior to joining Tremont’s predecessor business in 2000, Mr. Lorenzini was Midwest Regional Director for Finova Realty Capital, where he managed underwriting and loan generation for offices in the Cleveland, Indianapolis, Minneapolis and Washington, DC markets. Previously, Mr. Lorenzini was a Senior Director for Belgravia Realty Capital, where he opened the Chicago office and established their Midwestern business. Mr. Lorenzini earned a Bachelor’s degree in Business from the University of Iowa and a Master Business Administration degree from the University of Chicago.

312-236-0960 tlorenzini@tremontadv.com Download VCARD
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David Ross , Senior Director of Capital Markets

Mr. Ross is Senior Director of Capital Markets with responsibility for the Northeast Region and he is based in RMR’s Newton (Boston) corporate headquarters. Mr. Ross is a founding member of Tremont’s predecessor business in 2000 and has over 25 years of real estate finance experience. Mr. Ross has developed a national reputation for closing highly structured transactions and he has worked in many facets of real estate lending, including: origination, underwriting, workout, REO management and sales, as well as the training of originators and loan analysts. Prior to 2000, Mr. Ross was a Director at Finova Realty Capital. Mr. Ross has extensive prior credit experience with a variety of commercial banks, including working for a predecessor firm to Bank of America. Mr. Ross earned a Bachelor’s degree in Political Science from the University of Rhode Island and a Master of Business Administration degree from Northeastern University. Mr. Ross is also a CFA® charterholder.

617-658-0759 dross@tremontadv.com Download VCARD
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John Chase , Director of Capital Markets

Mr. Chase is Director of Capital Markets with responsibility for the Mid-Atlantic Region and he is based in RMR’s Annapolis office. Mr. Chase has over 25 years of experience in the real estate industry. Mr. Chase is considered one of the leading financing experts in the manufactured housing community industry. Prior to joining Tremont’s predecessor business in 2000, Mr. Chase was a leading originator at Belgravia Capital for over seven years. Mr. Chase has closed capital assignments throughout the U.S. on such diverse product types as manufactured housing, office, retail, industrial, self-storage and multifamily. Previously, Mr. Chase was with Clayton, Williams & Sherwood, a regional mortgage placement firm located in Newport Beach, CA. Mr. Chase earned a Bachelor’s degree in Finance from Emory University.

410-604-1744 jchase@tremontadv.com Download VCARD
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Stephen Henderson , Director of Capital Markets

Mr. Henderson is Director of Capital Markets with responsibility for the New York Metro Region and he is based in RMR’s Hartford office. Mr. Henderson has over 25 years of experience financing real estate projects across the U.S. Mr. Henderson has developed a particular expertise in financing retail assets and has considerable experience in construction lending. He has developed a specialty in hotel and multifamily financing. Prior to joining Tremont’s predecessor business in 2000, Mr. Henderson was a Director at Finova Realty Capital and previously headed the East Coast lending operation for Local Federal Bank. Mr. Henderson earned a Bachelor’s degree in Political Science and Sociology from Drew University.

617-775-1894 shenderson@tremontadv.com Download VCARD
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Dennis Walsh , Director of Capital Markets

Mr. Walsh is Director of Capital Markets in the Northeast Region and he is based in RMR’s Newton (Boston) corporate headquarters. Mr. Walsh has over 25 years of experience in the real estate industry. Prior to joining Tremont’s predecessor business in 2002, Mr. Walsh was a Principal with Lend Lease Real Estate Investments and its predecessor company, Equitable Real Estate Investment Management, where he headed new business activities for the Northeast Region. Previously, Mr. Walsh was a Senior Investment Manager with Copley Real Estate Advisors, where he managed a $1 billion portfolio of real estate throughout the U.S. Mr. Walsh earned a Bachelor’s degree in Management from of the University of Massachusetts at Boston and a Master of Business Administration degree from the University of Georgia. Mr. Walsh is also a CFA® charterholder.

617-658-0761 dwalsh@tremontadv.com Download VCARD
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Douglas Lanois , Senior Vice President, Tremont Realty Capital

Mr. Lanois is a Senior Vice President of The RMR Group LLC and Tremont Realty Advisors LLC, a wholly owned SEC registered investment adviser subsidiary of RMR acquired in 2016. Mr. Lanois is responsible for Tremont’s portfolio management and supervises investment closings. Mr. Lanois is also the Chief Financial Officer and Treasurer of Tremont Mortgage Trust (Nasdaq: TRMT). Mr. Lanois has over 30 years of real estate experience. Previously, Mr. Lanois was Senior Vice President and Chief Financial Officer at Pembroke Real Estate, the real estate development and management division of Fidelity Investments. Prior to Pembroke, Mr. Lanois was Vice President and Controller at Beacon Properties and he previously worked at AEW Capital Management and Laventhol & Horwath. Mr. Lanois earned a Bachelor’s degree in Accounting and a Bachelor’s degree in Hotel/Restaurant Management from the University of Massachusetts at Amherst.

617-658-0755 dlanois@tremontadv.com Download VCARD
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Jared Lewis , Vice President, Underwriting

Mr. Lewis is the Vice President of Underwriting for The RMR Group LLC, where he leads a team in screening, sizing and underwriting of new CRE finance investments. Mr. Lewis joined Tremont’s predecessor business full time in 2002, and he has been involved in the structuring of over $3.4 billion worth of debt and equity investments involving over 300 transactions. Mr. Lewis earned a Bachelor’s degree in Government from Harvard University.

617-658-0756 jlewis@tremontadv.com Download VCARD
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Alex Heyman , Director

Mr. Heyman is an underwriter based in RMR’s Newton (Boston) corporate headquarters. Mr. Heyman is responsible for the initial screening, sizing and underwriting of Tremont proprietary investments, as well as the packaging and marketing of various non-proprietary transactions. Prior to joining Tremont’s predecessor business in 2015, Mr. Heyman was Senior Analyst at Hunneman Capital Group, where he focused on debt placement, restructuring and non-performing loan acquisitions, and Citigroup Global Markets where he focused on CMBS underwriting. He earned Bachelor’s degrees in Economics and Mathematics from the University of Rochester. Mr. Heyman is also a CFA® charterholder.

617-658-0754 aheyman@tremontadv.com Download VCARD
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Max Poltarak , Director

Mr. Poltarak is an underwriter based in RMR’s Newton (Boston) corporate headquarters. Mr. Poltarak is responsible for the initial screening, sizing and underwriting of Tremont proprietary investments. Prior to joining Tremont in 2017, Mr. Poltarak was an Associate at Hanover Street Capital Partners, where he focused on managing commercial real estate debt investments on behalf of Deutsche Bank Securities and Blackpoint Partners, where he worked in underwriting, asset management and capital markets. Prior to Blackpoint, Mr. Poltarak was a member of PricewaterhouseCoopers’ real estate advisory services group where he focused on CMBS securitizations and due diligence. He earned an Bachelor’s degree in History from Syracuse University.

617-231-3046 MPOLTARAK@TREMONTADV.COM Download VCARD
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Duncan Satherlie , Capital Markets Associate

G. Duncan Satherlie is a Capital Markets Associate based in Tremont’s Chicago office. Mr. Satherlie is responsible for prescreening and analyzing direct lending opportunities primarily for Tremont Mortgage Trust (Nasdaq: TRMT). Previously, Duncan spent three years with JLL, initially as a National Investor Accounts Associate and then as a Capital Markets Associate, all while working out of the JLL Washington, DC office. Prior to that, Duncan was a Financial and Sourcing Analyst with Lawson Products Inc. in Chicago. He earnes a Bachelor’s degree in Organizational Administration, Business and Finance from George Mason University.

312-753-6871 dsatherlie@tremontadv.com
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Steven Skelley , Portfolio Manager

Mr. Skelley is a Portfolio Manager based in RMR’s Newton (Boston) corporate headquarters. Mr. Skelley has over 17 years of experience in the commercial real estate and finance industries. Prior to joining Tremont’s predecessor business in 2006, Mr. Skelley was Director of Asset Management for the Northeast Region of AIMCO, responsible for managing a portfolio of multifamily properties in the Northeastern United States with emphasis on maximizing asset value, sourcing investment opportunities, managing disposition efforts and investor reporting. Previously, he was Director of Asset Management for a healthcare and lodging REIT, and was an Internal Auditor for Stone & Webster Engineering Corporation. Mr. Skelley earned a Bachelor’s degree in Accounting from Bentley College.

617-658-0760 sskelley@tremontadv.com Download VCARD

RMR Leadership

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Adam Portnoy , Director

Mr. Portnoy is President and Chief Executive Officer of The RMR Group Inc. (Nasdaq: RMR) and The RMR Group LLC. He is the Chair of the RMR Executive Operating Committee. Mr. Portnoy also serves on the Board of RMR and the Boards of several companies managed by RMR, including: Hospitality Properties Trust (Nasdaq: HPT), Senior Housing Properties Trust (Nasdaq: SNH), Select Income REIT (Nasdaq: SIR), Government Properties Income Trust (Nasdaq: GOV), Industrial Logistics Properties Trust (Nasdaq: ILPT), Tremont Mortgage Trust (Nasdaq: TRMT), Five Star Senior Living Inc. (Nasdaq: FVE), TravelCenters of America (Nasdaq: TA), RMR Real Estate Income Fund (NYSE American: RIF), Sonesta International Hotels Corporation (Private) and RMR Advisors LLC as well as Tremont Realty Advisors, both SEC registered investment advisors. Prior to joining RMR in 2003, Mr. Portnoy held various positions in the finance industry and public sector, including working as a banker at Donaldson, Lufkin & Jenrette and ABN AMRO, working in private equity at the International Finance Corporation (a member of The World Bank Group) and DLJ Merchant Banking Partners, as well as serving as Chief Executive Officer of a telecommunications company. Mr. Portnoy currently serves on the Board of Directors of the Pioneer Institute, and as the Honorary Consul General of the Republic of Bulgaria to the Commonwealth of Massachusetts, and he is formerly a member of the Board of Trustees of Occidental College and the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT). Mr. Portnoy graduated with a Bachelor’s degree in Public Policy from Occidental College in 1993.

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David Blackman , President and Chief Executive Officer

Mr. Blackman is President and Chief Executive Officer of Tremont Realty Advisors LLC and Executive Vice President of The RMR Group LLC. Mr. Blackman is responsible for overseeing Tremont’s operations as well as all office and industrial acquisitions, dispositions and asset management at RMR. Mr. Blackman is also the President and Chief Operating Officer of Select Income REIT (Nasdaq: SIR), Government Properties Income Trust (Nasdaq: GOV) and President and Chief Executive Officer of Tremont Mortgage Trust (Nasdaq: TRMT). Mr. Blackman is also a Managing Trustee of SIR and TRMT. Prior to joining RMR in 2009, Mr. Blackman was a real estate banker at Wachovia Corporation and its predecessors for over 20 years. Mr. Blackman’s experience includes asset level real estate lending, real estate loan syndications, REIT corporate banking and real estate investment banking. Mr. Blackman earned a Bachelor’s degree in Finance and Economics from the University of North Carolina at Greensboro.

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Jennifer Clark , Executive Vice President, General Counsel & Secretary

Ms. Clark is Executive Vice President, General Counsel & Secretary of Tremont Realty Advisors LLC, The RMR Group Inc. (Nasdaq: RMR) and The RMR Group LLC. Ms. Clark is also a Managing Director of RMR and a Managing Trustee of Senior Housing Properties Trust (Nasdaq: SNH). Ms. Clark is responsible for all legal matters affecting the RMR managed companies. Ms. Clark is also the Secretary of all the RMR managed companies, and serves on the Board of Sonesta International Hotels Corporation (Private) and RMR Advisors LLC, an SEC registered investment adviser. Prior to joining RMR in 1999, Ms. Clark was a Partner at the law firm of Sullivan & Worcester LLP where she had a broad based real estate practice, including representing secured lenders, borrowers, joint venture partners and investors in loans and leveraged transactions. Ms. Clark earned a Bachelor’s degree in English and American Literature from Brandeis University and a Juris Doctorate from Boston University Law School.

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Matthew Jordan , Executive Vice President, Chief Financial Officer & Treasurer

Mr. Jordan is Executive Vice President, Chief Financial Officer & Treasurer of Tremont Realty Advisors LLC and The RMR Group LLC, and Chief Financial Officer & Treasurer of The RMR Group Inc. (Nasdaq: RMR). Mr. Jordan is responsible for all accounting and finance matters affecting RMR and its managed REITs. Prior to joining RMR in 2012, Mr. Jordan held accounting and finance positions at Stanley Black & Decker Company and worked in the audit practice of Ernst & Young LLP. While at Ernst & Young, Mr. Jordan primarily focused on multinational Fortune 500 clients in a variety of industries. Mr. Jordan earned a Bachelor’s degree in Accounting from the University of Massachusetts at Amherst. Mr. Jordan is also a certified public accountant.

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Vern Larkin , Chief Compliance Officer & Director of Internal Audit

Mr. Larkin is the Chief Compliance Officer & Director of Internal Audit for Tremont Realty Advisors LLC, as well as RMR Advisors LLC, an SEC registered investment adviser, and RMR Real Estate Income Fund (NYSE American: RIF). Mr. Larkin also serves as the Director of Internal Audit for The RMR Group Inc. (Nasdaq: RMR) and for all of the publicly traded companies managed by RMR, including: Hospitality Properties Trust (Nasdaq: HPT), Senior Housing Properties Trust (Nasdaq: SNH), Select Income REIT (Nasdaq: SIR), Government Properties Income Trust (Nasdaq: GOV), Tremont Mortgage Trust (Nasdaq: TRMT), TravelCenters of America LLC (Nasdaq: TA), Five Star Senior Living Inc. (Nasdaq: FVE) and Industrial Logistics Properties Trust (Nasdaq: ILPT). Mr. Larkin was previously employed by FVE as Vice President, General Counsel and Secretary, as well as by The RMR Group LLC as a Senior Vice President, until 2012. Prior to joining FVE and RMR in 2011, Mr. Larkin practiced law at Skadden, Arps, Slate, Meagher & Flom LLP for over 10 years. Mr. Larkin earned a Bachelor’s Degree in Accounting from the University of Massachusetts at Amherst and a Juris Doctorate from University of Connecticut School of Law.

Transactions

Tremont’s deep industry experience and wide network of relationships empower the firm to provide well-executed and timely solutions across a range of property types, funding scenarios and geographies. Below are the most recent financing transactions sourced and executed by the Tremont team.

Newsroom

Click below to access our latest press releases and links to articles on Tremont, our latest transactions, and corporate events.

Tremont Realty Capital is a division of The RMR Group. For more information on The RMR Group, please visit rmrgroup.com.

Tremont Realty Capital is an operating division of The RMR Group LLC and refers to both (i) a brokerage business that exists within The RMR Group LLC which principally raises debt and equity capital for owners of commercial real estate and (ii) Tremont Realty Advisors LLC, a wholly owned registered investment adviser subsidiary of The RMR Group LLC providing investment advice with respect to commercial real estate debt and equity capital.