NEWTON, Mass.--(BUSINESS WIRE)--Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $29.0 million first mortgage floating rate bridge loan secured by the SunCoast Park Hotel Anaheim, which is part of the Tapestry Collection by Hilton. The 174-room select service hotel is located at 1640 S. Clementine Street in Anaheim, California.
The loan has a two-year initial term with three one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by RobertDouglas, which advised SunCoast Properties, the Irvine, California based sponsor.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
“The closing of the SunCoast Park Hotel Anaheim first mortgage loan further diversifies our portfolio while providing for an attractive risk adjusted return. The property is well located in Anaheim’s entertainment and retail district, is less than a mile from the entrance to Disneyland Park and is near numerous other demand generators, including the Anaheim Convention Center and Angel Stadium. As we approach 2024, our investment pipeline remains strong, and we continue to see attractive opportunities to originate new loans and further expand our portfolio.”
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.
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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.