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.
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.
Kevin Barry, Director, Investor Relations