Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $23.5 million first mortgage floating-rate bridge loan to refinance Woodland Corporate Tower, a 185,000 square foot, multi-tenant office property located at 1333 Butterfield Road in Downers Grove, Illinois. 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 CBRE, which advised the sponsor, Stanton Road Capital.
Tom Lorenzini, President of SEVN, made the following statement:
“The closing of this loan highlights the ongoing growth and momentum of Seven Hills Realty Trust’s investment portfolio. This first mortgage loan is secured by a well-leased, multi-tenant office building with convenient Interstate highway access to both downtown Chicago and O’Hare International Airport. It is our second transaction with the sponsor in the past 12 months, which demonstrates the value of our existing relationships. We see a clear path to further increasing our loan origination volume while pursuing our investment objective of balancing capital preservation with generating attractive, risk adjusted returns.”
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, an affiliate of The RMR Group Inc. (Nasdaq: RMR), a leading U.S. alternative asset management company with over $32 billion in assets under management and 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.
Tremont Realty Capital is a direct lender that originates and invests in loans secured by middle market and transitional commercial real estate. For more information about Tremont Realty Capital please visit www.tremontcapital.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. Also, whenever SEVN uses words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions, SEVN is making forward-looking statements. These forward-looking statements are based upon SEVN’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by SEVN’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SEVN’s control. For example:
- This press release references recent loans closed and future plans to expand SEVN and pursue its investment objective, which may imply that SEVN will close additional loans, that it will achieve its investment objective and that its business will continue to improve as a result. However, SEVN’s business and ability to execute loans and realize its investment objective are subject to various risks, including the competitive nature of the industry in which it operates, as well as other factors, many of which are outside its control, such as the current COVID-19 pandemic. These risks and other factors may prevent SEVN from successfully closing additional loans, executing its new business and realizing its investment objective. Further, once SEVN invests or commits its remaining capital, its ability to continue to grow and fund loans will be subject to its ability to obtain additional cost-effective capital or its redeploying proceeds from repayments of its loan investments.
The information contained in SEVN’s filings with the Securities and Exchange Commission, or SEC, including under “Risk Factors” in SEVN’s periodic reports or incorporated therein, identifies other 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.
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Contacts
Kevin Barry, Director, Investor Relations
(617) 658-0776
www.sevnreit.com