Seven Hills Realty Trust recently closed a $37.5 million first mortgage bridge loan to refinance The Union at Auburn, a 501-bed Class A student housing property located near the Auburn University campus. The loan is structured with a 30-month initial term and one 12-month extension option, subject to certain requirements being met by the borrower. This marks Seven Hills Realty Trust’s second transaction with Boston-based WFI.
Tom Lorenzini, President of Seven Hills Realty Trust commented: “We are committed to investing in opportunities that offer attractive risk adjusted returns in today’s lending environment. Refinancing this recently developed Class A student housing community located less than 1 mile from the Auburn University campus was an ideal opportunity for us.” He added that their pipeline remains active and they have sufficient liquidity available for additional transactions going forward.
