Seven Hills Realty Trust Closes $31.5 Million Bridge Loan to Finance the Acquisition of Summit Apartments in Farmington Hills, Michigan
Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $31.5 million first mortgage floating-rate bridge loan to finance the acquisition and repositioning of Summit Apartments, a 154-unit multifamily property located at 29925-30205 Summit Drive in Farmington Hills, Michigan.
An initial advance of approximately $28.5 million was funded at closing with future advances of up to $3.0 million available for capital expenditures. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements. SEVN's manager, Tremont Realty Capital, was introduced to the transaction by Q10|Lutz Financial Services, which advised the joint venture sponsorship between Andover Real Estate Partners and M Group, LLC.
Tom Lorenzini, President of SEVN, made the following statement:
"We continue to execute on our plan to grow SEVN's loan book to nearly $1 billion in assets with the closing of this mortgage loan. This loan is secured by a fully leased apartment complex in a densely populated Detroit suburb and supported by sponsors with significant experience investing in multifamily real estate. Our portfolio now exceeds $700 million of committed capital and we look forward to further increasing loan production and posiioning SEVN for future growth."
About Seven Hills Realty Trust
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and 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 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.
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A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
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