NEWTON, MA –Seven Hills Realty Trust announced the closing of a $31.5 million 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.
An initial advance of approximately $28.5 million was funded at closing with future advances of up to $3.0 million 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 Partners and M Group, LLC.
Tom Lorenzini, President of SEVN, said: “We continue to execute on our plan to grow SEVN’s loan book to nearly $1 billion in assets with the closing of this mortgage loan. This loan is secured by a fully leased apartment complex in a densely populated Detroit suburb and supported by sponsors with significant experience investing in multifamily real estate. Our portfolio now exceeds $700 million of committed capital and we look forward to further increasing loan production and positioning SEVN for future growth.”