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NEWTON, Mass .– (BUSINESS WIRE) –
Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $ 21.0 million variable rate bridge loan to finance the acquisition of Bellevue Terrace, a 72,000 square foot multi-tenant office building located at 3633 136th Place SE in Bellevue, Washington.
An initial advance of approximately $ 20.0 million was funded at closing with future advances of up to $ 1.0 million available for leasehold improvements and lease commissions. The loan is structured with an initial term of three years and two options for one year extension, subject to the borrower meeting certain conditions. director of SEVN, Capital Immobilier Tremont, was introduced into the transaction by JS Coats Capital, who notified the sponsor, SMARTCAP.
Tom lorenzini, President of SEVN, made the following statement:
“The closing of the Bellevue Terrace loan demonstrates the continued growth of SEVN’s portfolio as we fund additional investments and provide capital to well-established institutional sponsors of mid-market commercial real estate. This first mortgage is secured by a well-leased and recently remodeled office building with easy access to downtown Seattle and the Bellevue CBD. We continue to assess a strong pipeline of potential transactions as we seek to grow and further diversify SEVN’s loan portfolio in the short term.
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 wholly owned subsidiary of The RMR Group LLC. The RMR Group LLC is an alternative management company, majority owned by RMR Group Inc. (Nasdaq: RMR), with more than $ 32 billion in assets under management and 35 years of institutional experience in buying, selling, financing and operating 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 to occur 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 SEVN expansion and diversification plans, which may imply that SEVN will close additional loans and its business will continue to 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 its control. control, such as the covid19 pandemic. These risks and other factors may prevent SEVN from successfully entering into additional loans, carrying out new activities 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 “Risk Factors” in or incorporated into SEVN’s periodic reports, identifies other important factors that could cause SEVN’s actual results 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.
Kevin Barry, Director, Investor Relations
Source: Seven Hills Real Estate Trust