Newton, MA– Seven Hills Realty Trust (Nasdaq: SEVN) 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, said: “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.”
Seven Hills Realty Trust 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.