NEWTON, Mass. – Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $24.4 million first mortgage floating-rate bridge loan to finance the acquisition of an 83,000 square foot industrial warehouse property located at 10516 Commerce Way in Fontana, California.
An initial advance of $22.0 million was funded at closing with future advances of up to approximately $2.4 million available for capital expenditures, tenant improvements and leasing commissions. The loan is structured with a two-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 JLL Capital Markets, which advised the sponsor, Thor Equities.
Tom Lorenzini, President of SEVN, made the following statement:
“SEVN remains active and continues to identify strong investments for our portfolio that present attractive risk adjusted returns in today’s lending environment. The Commerce Way loan was made to a repeat sponsor of ours for the acquisition of an industrial facility located in a prime submarket of the Inland Empire. This closing further demonstrates the strength of our platform and our ability to leverage our deep network of industry relationships to originate loans secured by high quality assets.”
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.