Seven Hills Realty Trust announced the closing of a $45.0 million first mortgage floating rate bridge loan to finance the acquisition of the Club Quarters Hotel. This 178-room hotel is located at 161 Devonshire Street in Boston, Massachusetts.
The loan features a three-year initial term, with two one-year extension options, contingent on the borrower meeting specific requirements. Arch & Devonshire LLC is the borrower for this transaction.
Tom Lorenzini, President and Chief Investment Officer of SEVN, highlighted that this loan demonstrates the company's ability to identify and execute compelling investment opportunities. He also noted the company's active market presence and strong pipeline of quality loan opportunities.
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