NEWTON, Mass .– (COMMERCIAL THREAD) –Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of an initial $ 42.5 million variable rate bridge loan to refinance and reposition The Gateway Center, a 272,000 square foot retail mall located at 7230-7380 Orchard Lake Road in West Bloomfield, Michigan.
An initial advance of $ 37.4 million was funded at closing with future advances of approximately $ 5.1 million available for leasehold improvements and capital expenditures. The loan is structured with an initial term of two years with an option of one year extension, subject to the borrower meeting certain conditions. director of SEVN, Capital Immobilier Tremont, was introduced into the transaction by Q10 | Lutz Financial Services, who notified the sponsor, Commercial Financial Management.
Tom lorenzini, President of SEVN, made the following statement:
“We continue to build momentum on our commercial mortgage business with the recent closing of a $ 42.5 million loan to refinance a shopping center located in a densely populated suburb of Detroit and anchored by Whole Foods and Walgreens stores. Our investment pipeline remains strong and we see attractive opportunities to continue to increase the volume of loan origination and further expand our portfolio as we enter 2022. â
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate finance company that creates and invests in senior mortgages secured by middle and bridging commercial real estate. SEVN is managed by Capital Immobilier Tremont, a subsidiary of Le Groupe RMR Inc. (Nasdaq: RMR), a leading alternative management company in the United States with more than $ 32 billion in assets under management and 35 years of institutional experience in the purchase, sale, financing and operation of commercial real estate . For more information on SEVN, please visit www.sevnreit.com.
Capital Immobilier Tremont is a direct lender that creates and invests in secured middle market loans and bridging commercial real estate. For more information on Tremont Realty Capital, please visit www.tremontcapital.com.
CAUTION REGARDING 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. Additionally, whenever SEVN uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, SEVN makes forward-looking statements. These forward-looking statements are based on SEVN’s current intention, beliefs or expectations, but forward-looking statements are not guaranteed and may not occur. Actual results may differ materially from those contained or implied by SEVN’s forward-looking statements due to various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SEVN’s control. For example:
This press release refers to recent closed loans and future plans to further increase the loan origination volume and continue to expand SEVN, which may imply that SEVN will close additional loans and its business will continue to grow. improve accordingly. However, SEVN’s business and its ability to execute loans and achieve its investment objective are subject to various risks, including the competitive nature of the industry in which it operates, as well as other factors, many of which are beyond the control of its control, such as the covid19 pandemic. These risks and other factors may prevent SEVN from successfully entering into additional loans and achieving its investment objective. In addition, once SEVN invests or commits its remaining capital, its ability to continue to grow and finance loans will be subject to its ability to raise profitable additional capital or redeploy the proceeds from repayments of its loan investments.
Information contained in documents filed by SEVN with the Securities and Exchange Commission, or SEC, including under the heading âRisk Factorsâ in or incorporated into SEVN’s periodic reports, identifies other important factors that could cause the actual results of SEVN to differ materially from those indicated or implied by SEVN’s forward-looking statements. The documents filed by SEVN with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance on forward-looking statements.
Except as required by law, SEVN does not intend to update or modify any forward-looking statements as a result of new information, future events or otherwise.
A statutory Maryland trust with transferable beneficial interest shares listed on the Nasdaq.
No shareholder, trustee or officer is personally liable for any act or obligation of the Trust.