NEWTON, Mass.--(BUSINESS WIRE)-- Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $22.7 million first mortgage loan to refinance Sugar Land Medical Plaza, a 120,000 square foot medical office property located in Sugar Land, Texas.
The property is located in an affluent Houston suburb with strong demographic fundamentals and benefits from its proximity to leading healthcare providers and outpatient services. The loan has a three-year initial term with two one-year extension options, subject to the borrower satisfying certain conditions. The transaction was brought to SEVN’s manager, Tremont Realty Capital, by Colliers on behalf of sponsors, Harrison Street and Pinecroft Realty.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
“This investment reflects our continued focus on originating first mortgage loans secured by high quality assets in attractive markets. Sugar Land Medical Plaza is a well-established medical office property in a growing Houston suburb, supported by strong tenancy and steady demand from nearby healthcare providers. We believe this transaction aligns with our disciplined investment approach and represents a strong addition to our portfolio.”
--
About Seven Hills Realty Trust
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate investment trust 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 40 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.