Seven Hills Realty Trust Closes $17.8 Million Bridge Loan to Finance the Acquisition of a Multifamily Property in Virginia
April 29 2024 - 8:00AM
Business Wire
Seven Hills Realty Trust (Nasdaq: SEVN) today announced the
closing of a $17.8 million first mortgage floating rate bridge loan
to finance the acquisition of the Hilton Village Townhomes, a
160-unit apartment complex located at 531 Bulkeley Place in Newport
News, Virginia.
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 CBRE, which advised Ritz Banc
Group, the Arlington, Virginia based sponsor.
Tom Lorenzini, President and Chief Investment Officer of SEVN,
made the following statement:
“The closing of the Hilton Village Townhomes
loan demonstrates continued growth and further diversification of
our portfolio into the multifamily sector. This well leased
property is located near downtown Newport News and is less than
five miles from Newport News Shipbuilding, a significant employer
in the region. Our investment pipeline remains strong and we
continue to be active in the current lending environment seeking to
originate new loans and generate attractive, risk adjusted returns
for our shareholders.”
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 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 approximately $36 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.
WARNING CONCERNING
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
These statements may include words such as “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and
negatives or derivatives of these or similar expressions. These
forward-looking statements include, among others, statements about
SEVN’s investment focus and ability to complete additional loan
investments in the future. Forward-looking statements reflect
SEVN’s current expectations, are based on judgments and
assumptions, are inherently uncertain and are subject to risks,
uncertainties and other factors, which could cause SEVN’s actual
results, performance or achievements to differ materially from
expected future results, performance or achievements expressed or
implied in those forward-looking statements. Some of the risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from those
expressed or implied by forward-looking statements include, but are
not limited to, the following: the ability of SEVN to make
additional investments; the success of SEVN’s investments; SEVN’s
available liquidity, access to capital and cost of capital; and
various other matters. These risks, uncertainties and other factors
are not exhaustive and should be read in conjunction with other
cautionary statements that are included in SEVN’s periodic filings
with the Securities and Exchange Commission, or SEC. The
information contained in SEVN’s filings with the SEC, including
under the caption “Risk Factors” in its periodic reports, or
incorporated therein, identifies important factors that could cause
SEVN’s actual results to differ materially from those stated in or
implied by SEVN’s forward-looking statements. SEVN’s filings with
the SEC are available on the SEC’s website at www.sec.gov. You
should not place undue reliance upon forward-looking statements.
Except as required by law, SEVN does not intend to update or change
any forward-looking statements as a result of new information,
future events or otherwise.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq. No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
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version on businesswire.com: https://www.businesswire.com/news/home/20240428100043/en/
Stephen Colbert, Director, Investor Relations (617) 231-3223
www.sevnreit.com
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