Home2 Suites by Hilton Lake Mary Orlando Closes $16.0 Million Bridge Loan
Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $16.0 million first mortgage floating rate bridge loan secured by the Home2 Suites by Hilton Lake Mary Orlando, a recently constructed 123-room extended-stay hotel located at 582 New Technology Blvd in Lake Mary, Florida.
The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Highgate, a New York City based sponsor and a repeat borrower of SEVN.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
“This transaction exemplifies SEVN’s ability to close deals in a competitive and challenging market, while also enhancing the diversity of our portfolio with a premium hotel asset. The property is well located, situated within the Lake Mary Wellness and Technology Park, approximately 15 miles north of Downtown Orlando and 30 miles from Disney World and surrounding resorts and parks. With an active pipeline of quality opportunities, SEVN is committed to further expanding its presence across key asset classes and generating attractive risk adjusted returns for its shareholders.”
Categories: Development