NEWTON, Mass.– Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $24.8 million first mortgage floating-rate bridge loan to refinance Centerpoint Plaza, a 98,000 square foot multi-tenant office property located at 5910 Priestly Drive in Carlsbad, California.
An initial advance of approximately $23.7 million was funded at closing with future advances of approximately $1.1 million available for tenant improvements, leasing commissions and 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 Newmark.
Tom Lorenzini, President of SEVN, made the following statement:
“We are proud to announce the first loan closing of our recently rebranded company, Seven Hills Realty Trust, resulting from the merger of RMR Mortgage Trust and Tremont Mortgage Trust. This first mortgage loan is secured by a well-leased high-quality office property in San Diego’s North County submarket and carries an attractive risk adjusted return profile. Our originations platform is actively evaluating a robust pipeline of new lending opportunities to invest SEVN’s available capital and continue to build on our growth momentum.”
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, a wholly owned subsidiary of The RMR Group LLC. The RMR Group LLC is an alternative asset management company, majority owned by The RMR Group Inc. (Nasdaq: RMR), with over $32 billion in assets under management and 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.
Tremont Realty Capital is a direct lender that originates and invests in loans secured by middle market and transitional commercial real estate. For more information about Tremont Realty Capital please visit www.tremontcapital.com.
