NEWTON, Mass .– (COMMERCIAL THREAD) – Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $ 23.5 million variable rate bridge loan to refinance Woodland Corporate Tower, an 185 multi-tenant office building 000 square feet located at 1333 Butterfield Road in Downers Grove, Illinois. The loan is structured with an initial term of three years and two options for one year extension, subject to the borrower meeting certain conditions. The manager of SEVN, Tremont Realty Capital, was introduced to the transaction by CBRE, which advised the sponsor, Stanton Road Capital.
Tom Lorenzini, President of SEVN, made the following statement:
“The closing of this loan highlights the continued growth and momentum of Seven Hills Realty Trust’s investment portfolio. This first mortgage is secured by a well-leased multi-tenant office building with convenient access to the Interstate in downtown Chicago and O’Hare International Airport. This is our second transaction with the sponsor in the past 12 months, demonstrating the value of our existing relationships. We see a clear path to further increase our loan origination volume while pursuing our investment objective of balancing preservation of capital with the generation of attractive, risk-adjusted returns. ”
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate finance company that creates and invests in senior mortgages secured by middle and bridging commercial real estate. SEVN is managed by Tremont Realty Capital, a subsidiary of The RMR Group Inc. (Nasdaq: RMR), one of America’s leading alternative asset management firms with over $ 32 billion in assets under management and 35 years institutional experience in buying, selling, financing and operating commercial real estate. For more information on SEVN, please visit www.sevnreit.com.
Tremont Realty Capital is a direct lender that creates and invests in secured middle market loans and bridging commercial real estate. For more information on Tremont Realty Capital, please visit www.tremontcapital.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Additionally, whenever SEVN uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, SEVN makes forward-looking statements. These forward-looking statements are based on SEVN’s current intention, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained or implied by SEVN’s forward-looking statements due to various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SEVN’s control. For example:
This press release refers to recently concluded loans and future plans to expand SEVN and pursue its investment objective, which may imply that SEVN will close additional loans, meet its objective of investment and that its business will continue to improve as a result. However, SEVN’s business and its ability to execute loans and achieve its investment objective are subject to various risks, including the competitive nature of the industry in which it operates, as well as other factors, many of which are beyond the control of its control, such as the covid19 pandemic. These risks and other factors may prevent SEVN from successfully entering into additional loans, carrying out new businesses and achieving its investment objective. In addition, once SEVN invests or commits its remaining capital, its ability to continue to grow and finance loans will be subject to its ability to raise profitable additional capital or redeploy the proceeds from repayments of its loan investments.
Information contained in documents filed by SEVN with the Securities and Exchange Commission, or SEC, including under the heading “Risk Factors” in or incorporated into SEVN’s periodic reports, identifies other important factors that could cause SEVN’s actual results to differ materially from those indicated or implied by SEVN’s forward-looking statements. The documents filed by SEVN with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance on forward-looking statements.
Except as required by law, SEVN does not intend to update or modify any forward-looking statements as a result of new information, future events or otherwise.