Seven Hills Realty Trust (SEVN) has closed a $27.5 million first mortgage floating rate bridge loan for the acquisition of Woodfield Commerce Center, a 320,000-square-foot industrial warehouse located at 200 International Boulevard in Fountain Inn, SC. An initial advance of $24.3 million was funded at closing with future advances of up to $3.2 million available for capital expenditures and the loan is structured with a two-year initial term and one year extension option subject to meeting certain requirements from SEVN’s manager Tremont Realty Capital who were introduced to the transaction by Medalist Capital who advised sponsor Lightstone Group – an experienced borrower from SEVN’s portfolio.
Commenting on this latest deal Tom Lorenzini President & Chief Investment Officer said “The closing of this $27.5M loan reflects our continued diversification into high quality real estate supported by well capitalized sponsors.”
