Seven Hills Realty Trust Closes $22.7 Million First Mortgage Loan to Refinance a Medical Office Property in Sugar Land, Texas
Seven Hills Realty Trust (NASDAQ:SEVN) today announced the closing of a $22.7 million first mortgage loan to refinance Sugar Land Medical Plaza, a 120,000 square foot medical office property located in Sugar Land, Texas.
The property is located in an affluent Houston suburb with strong demographic fundamentals and benefits from its proximity to leading healthcare providers and outpatient services. The loan has a three-year initial term with two one-year extension options, subject to the borrower satisfying certain conditions. The transaction was brought to SEVN's manager, Tremont Realty Capital, by Colliers on behalf of the sponsors, Harrison Street and Pinecroft Realty.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
"This investment reflects our continued focus on originating first mortgage loans secured by high quality assets in attractive markets. Sugar Land Medical Plaza is a well-established medical office property in a growing Houston suburb, supported by strong tenancy and steady demand from nearby healthcare providers. We believe this transaction aligns with our disciplined investment approach and represents a strong addition to our portfolio."
About Seven Hills Realty Trust
Seven Hills Realty Trust (NASDAQ:SEVN) is a real estate investment trust that originates and invests in first mortgage loans secured by middle market transitional commercial real estate. SEVN is managed by Tremont Realty Capital, an affiliate of The RMR Group (NASDAQ:RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These statements may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "will," "may" and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about the quality of SEVN's investments and performance of underlying properties, as well as SEVN's potential future growth. Forward-looking statements reflect SEVN's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause SEVN's actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: the ability of SEVN to make additional investments; the success of SEVN's investments; SEVN's available liquidity, access to capital and cost of capital; and various other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in SEVN's periodic filings with the Securities and Exchange Commission, or SEC. The information contained in SEVN's filings with the SEC, including under the caption "Risk Factors" in its periodic reports, or incorporated therein, identifies important factors that could cause SEVN's actual results to differ materially from those stated in or implied by SEVN's forward-looking statements. SEVN's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, SEVN does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
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Matt Murphy, Manager, Investor Relations
(617) 796-8253
www.sevnreit.com