SEVEN, a real estate trust, has recently secured a $45 million floating rate bridge loan to fund the purchase of Club Quarters Hotel in Boston. The hotel, located at 161 Devonshire St., features 178 rooms and was acquired by Arch & Devonshire LLC.
The loan has an initial term of three years with options for two one-year extensions. Tremont Realty Capital, SEVEN’s manager, was introduced to the deal by JLL who advised Arch & Devonshire.
According to Tom Lorenzini, president and CIO of SEVEN: “The location of Club Quarters Hotel near popular attractions such as the Massachusetts State House and Faneuil Hall makes it an attractive investment opportunity.” He also stated that this successful acquisition showcases their ability to identify and execute profitable investments for shareholders. Additionally,”we remain active in the market with a strong pipeline of quality opportunities that offer attractive risk-adjusted returns.”
