Seven Hills Realty Trust has closed a $27.5 million first mortgage floating rate bridge loan for the acquisition of Woodfield Commerce Center. The 320,000-square-foot industrial warehouse is 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. The loan is structured with a two-year initial term with a one-year extension option, subject to the borrower meeting certain requirements.
SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Medalist Capital, which advised the sponsor Lightstone Group, a repeat borrower of SEVN.
“The closing of this $27.5 million loan reflects the continued diversification of SEVN’s investment portfolio and exemplifies our focus on lending on high quality real estate supported by well-capitalized sponsors,” said SEVN President and Chief Investment Officer Tom Lorenzini.
The post Seven Hills Realty Trust Closes $27.5M Loan to Acquire SC Industrial appeared first on Connect CRE.
Seven Hills Realty Trust has closed a $27.5 million first mortgage floating rate bridge loan for the acquisition of Woodfield Commerce Center. The 320,000-square-foot industrial warehouse is 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 …
The post Seven Hills Realty Trust Closes $27.5M Loan to Acquire SC Industrial appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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