Seven Hills Realty Trust Closes $37.5 Million Bridge Loan to Refinance a Student Housing Property at Auburn University
May 16 2023 - 8:00AM
Business Wire
Seven Hills Realty Trust (Nasdaq: SEVN) today announced the
closing of a $37.5 million first mortgage bridge loan to refinance
The Union at Auburn, a 501-bed Class A student housing property
located at the Auburn University campus.
The loan is structured with a 30-month initial term and one
12-month extension option, subject to the borrower meeting certain
requirements. This is SEVN’s second transaction with Boston-based
WFI.
Tom Lorenzini, President of SEVN, made the
following statement:
“We remain focused on investment
opportunities that present attractive risk adjusted returns in
today’s lending environment. The Union at Auburn loan was made to a
repeat sponsor for the refinancing of a recently developed Class A
student housing community located less than a mile from the Auburn
University campus. SEVN’s pipeline remains active and we have ample
liquidity to capitalize on additional opportunities in the months
ahead.”
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 over $37 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230515005827/en/
Kevin Barry, Director, Investor Relations (617) 332-9530
www.sevnreit.com
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