Seven Hills Realty Trust (SEVN) has recently completed a $29-million first mortgage floating rate bridge loan for the SunCoast Park Hotel Anaheim. This 174-key select service hotel, which is part of the Tapestry Collection by Hilton, is located at 1640 S. Clementine St. in Anaheim.
The loan has an initial term of two years with three one-year extension options available to the borrower upon meeting certain requirements. Tremont Realty Capital, SEVN’s manager, was introduced to this transaction by RobertDouglas who advised SunCoast Properties – the Irvine-based sponsor.
According to Tom Lorenzini, President and CIO of SEVN: “The closing of this first mortgage loan for SunCoast Park Hotel Anaheim further diversifies our portfolio while providing an attractive risk-adjusted return.” The property boasts a prime location in Anaheim’s entertainment and retail district – less than a mile from Disneyland entrance and near other major demand generators such as Angel Stadium and the Anaheim Convention Center.
This recent bridge loan deal showcases Seven Hills Realty Trust’s expertise in securing financing for high-quality properties like SunCoast Park Hotel Anaheim without compromising on returns or portfolio diversity.
