56
Orono, Maine — Tremont Mortgage Trust has provided an $18.1 million refinancing for Orchard Trails, a 576-bed student housing community located near the University of Maine in Orono. The floating rate loan includes an initial funding of approximately $17 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options. The community offers four-bedroom units alongside shared amenities including a study lounge, clubhouse, game room, state-of-the-art fitness center, basketball and volleyball courts and an outdoor grilling station. The borrower was undisclosed.