NEWTON, Mass.--(BUSINESS WIRE)-- Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a fully funded $18.5 million first mortgage floating rate bridge loan to refinance LL Sams, a 271-bed student housing property directly adjacent to the Baylor University campus in Waco, Texas.
The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Shore to Shore Properties, Inc., the Sausalito, California-based sponsor.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
“We remain focused on taking advantage of well-secured investment opportunities that further grow and diversify our portfolio. The LL Sams loan was closed just over 30 days from application and was made to a repeat sponsor. With ample borrowing capacity and an active investment pipeline, we look forward to continuing to execute on accretive lending opportunities that align with our strategy.”
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About Seven Hills Realty Trust
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate investment trust, or REIT, that originates and invests in first mortgage loans secured by middle market transitional commercial real estate. SEVN is managed by Tremont Realty Capital, an affiliate of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management and more than 40 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.