Seven Hills Realty Trust announced the closing of a fully funded $18.5 million first mortgage floating rate bridge loan to refinance LL Sams. This student housing property, featuring 271 beds, is directly adjacent to the Baylor University campus in Waco, Texas.
The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. This transaction was made to a repeat sponsor, Shore to Shore Properties, Inc., indicating strong ongoing relationships.
Tom Lorenzini, President and Chief Investment Officer of SEVN, emphasized the company's focus on well-secured investment opportunities that grow and diversify its portfolio. He noted the swift closing of the loan and the company's active investment pipeline.
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