Seven Hills Realty Trust Closes Two First Mortgage Loans Totaling $74.2 Million
Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of two floating rate first mortgage loans with aggregate commitments of approximately $74.2 million. The new loan investments include:
- A first mortgage loan to refinance The Archive Apartments, a recently completed 166-unit Class A multifamily property located in New Haven, Connecticut. The property consists of two six-story residential buildings with approximately 6,000 square feet of ground floor retail space and is located adjacent to Yale University and Union Station. The property offers a range of amenities including coworking space, a fitness center and rooftop gathering areas. The transaction was brought to our manager, Tremont Realty Capital, by CBRE on behalf of the sponsor, Article Student Living.
- A first mortgage loan to finance the acquisition of DoubleTree Suites by Hilton, a 241-room full-service hotel located in downtown Salt Lake City, Utah. The hotel recently completed a comprehensive renovation and is well positioned to benefit from its central downtown location and diverse mix of business, convention and leisure travel demand. The transaction was introduced to Tremont Realty Capital by JLL on behalf of the sponsor, Linchris Hotel Corporation.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
“These investments are secured by high-quality properties in markets with favorable fundamentals and long-term demand drivers. The Archive Apartments is a newly developed multifamily property adjacent to Yale University, while DoubleTree Suites is a recently renovated Hilton-branded hotel located in the heart of downtown Salt Lake City. We were attracted to both opportunities by the quality of the underlying real estate, the strength of the respective markets and the experience of the sponsorship, and we believe these loans demonstrate our continued ability to efficiently deploy capital into attractive investments while positioning SEVN for future earnings growth.”
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 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 $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. Tremont Realty Capital LLC (NMLS ID 1752106) holds Arizona Commercial Mortgage Banker License No. CBK-0949402. Loans made or arranged pursuant to a California Financing Law license. 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 the quality of SEVN’s investments and performance of underlying properties, as well as SEVN’s potential future growth and earnings. 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.
Matt Murphy, Manager, Investor Relations
(617) 796-8253
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