Seven Hills Realty Trust announced the closing of a $42.0 million first mortgage floating rate bridge loan to refinance The Domain at Oxford. This student housing property features 642 beds across 216 units and is located near the University of Mississippi in Oxford, Mississippi.
The loan is structured with a three-year initial term, including two one-year extension options, subject to the borrower meeting specific requirements. Shore to Shore Properties, Inc., based in Sausalito, California, is the sponsor for this transaction.
Tom Lorenzini, President and Chief Investment Officer of SEVN, stated that this loan underscores the company's ability to identify and close compelling investment opportunities. He noted that the property is expected to benefit from increasing demand for high-quality student housing due driven by rising enrollment at the university.
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