Company expands its portfolio with the multi-million bridge loan
Commercial real estate firm Seven Hills Realty Trust (SEVN) has announced closing a $24.4 million first mortgage floating-rate loan for an industrial warehouse property in California.
According to its release, the loan financed the acquisition of an 83,000-square-foot warehouse property located at 10516 Commerce Way in Fontana, Calif. Seven Hills funded the $22 million initial advance during closing with future advances of up to approximately $2.4 million available for capital expenditures, tenant improvements and leasing commissions.
The loan is structured with a two-year initial term and two one-year extension options. JLL Capital Markets brokered the deal to Seven Hill’s manager, Tremont Realty Capital. JLL also advised the sponsor Thor Equities.
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“SEVN remains active and continues to identify strong investments for our portfolio that present attractive risk-adjusted returns in today’s lending environment,” said Tom Lorenzini, President of Seven Hills Realty Trust. “The Commerce Way loan was made to a repeat sponsor of ours for the acquisition of an industrial facility located in a prime submarket of the Inland Empire. This closing further demonstrates the strength of our platform and our ability to leverage our deep network of industry relationships to originate loans secured by high-quality assets.”
