Seven Hills Realty Trust (SEVN) has closed a $27.5 million first mortgage floating rate bridge loan for the acquisition of Woodfield Commerce Center in Fountain Inn, SC. The 320,000-square-foot industrial warehouse is located at 200 International Boulevard and received an initial advance of $24.3 million funded at closing with future advances up to $3.2 million available for capital expenditures upon meeting certain requirements set by SEVN’s manager Tremont Realty Capital.
The loan is structured with a two-year initial term and one-year extension option subject to the borrower meeting specific criteria established by SEVN President and Chief Investment Officer Tom Lorenzini who noted that “the closing reflects our focus on lending on high quality real estate supported by well capitalized sponsors” as part of their commitment to diversifying their investment portfolio further into commercial real estate investments.. Medalist Capital introduced this transaction which was sponsored by Lightstone Group who are repeat borrowers from SEVN
