Seven Hills Realty Trust Closes USD 31.5m Bridge Loan to Finance Acquisition of Summit Apartments.
MANews-(C)2009-2022
US-based real estate finance company Seven Hills Realty Trust (NASDAQ: SEVN) has closed a USD 31.5m first mortgage floating-rate bridge loan to finance the acquisition and repositioning of Summit Apartments, a 154-unit multifamily property located at 29925-30205 Summit Drive in Farmington Hills, Michigan, the company said.
An initial advance of approximately USD 28.5m was funded at closing with future advances of up to USD 3m available for capital expenditures.
The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.
SEVN's manager, Tremont Realty Capital, was introduced to the transaction by Q10|Lutz Financial Services, which advised the joint venture sponsorship between Andover Real Estate...
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