NEWTON, Mass.–Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $21 million first mortgage floating-rate bridge loan to finance the acquisition of Bellevue Terrace, a 72,000 square foot multi-tenant office property 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 tenant improvements and leasing commissions. 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 JS Coats Capital, which advised the sponsor, SMARTCAP.
Tom Lorenzini, President of SEVN, made the following statement:
“The closing of the Bellevue Terrace loan demonstrates the ongoing growth of SEVN’s portfolio as we fund additional investments and provide capital to well-established institutional sponsors of middle market commercial real estate. This first mortgage loan is secured by a well leased and recently renovated office property with easy access to both downtown Seattle and Bellevue’s central business district. We continue to evaluate a robust pipeline of potential transactions as we seek to further scale and diversify SEVN’s loan book in the near term.”
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. SEVN is managed by Tremont Realty Capital, a wholly owned subsidiary of The RMR Group LLC. The RMR Group LLC is an alternative asset management company, majority owned by The RMR Group Inc. (Nasdaq: RMR), with over $32 billion in assets under management and 35 years of institutional experience in buying, selling, financing and operating commercial real estate.
Tremont Realty Capital is a direct lender that originates and invests in loans secured by middle market and transitional commercial real estate.