SEVEN, a real estate trust managed by Tremont Realty Capital, has recently closed on a $45 million floating rate bridge loan to finance the acquisition of Club Quarters Hotel in Boston. The borrower for this transaction was Arch & Devonshire LLC.
The loan has an initial term of three years with the option to extend for two additional one-year periods. JLL introduced SEVEN’s manager to this deal and advised Arch & Devonshire throughout the process.
According to Tom Lorenzini, president and CIO of SEVEN, Club Quarters Hotel is strategically located near popular tourist destinations such as Massachusetts State House, Faneuil Hall, Boston Common and more. He also stated that this successful financing showcases their ability to identify and execute profitable investment opportunities in loans. Additionally, they are actively seeking other quality loan opportunities in order generate favorable returns for their shareholders.
This latest development highlights SEVEN’s commitment towards expanding its portfolio through strategic investments while maintaining strong relationships with industry professionals like JLL.
