Seven Hills Realty Trust Closes $34.5 Million Mortgage Loan to Refinance a Mixed-Use Property on Manhattan’s Upper West Side

NEWTON, Mass.--(BUSINESS WIRE)--Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $34.5 million floating rate first mortgage loan to refinance 2875 Broadway, a 23,300 square foot mixed-use retail and medical office property located on Manhattan’s Upper West Side.

The loan has a two-year initial term with three one-year extension options, subject to the borrower satisfying certain conditions. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Meridian Capital Group, an advisor to TPG Angelo Gordon and Premier Equities, who are sponsors of the deal.

Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:

“The financing of 2875 Broadway is consistent with our strategy of originating first mortgage loans supported by experienced sponsors. This mixed-use asset on Manhattan’s Upper West Side is fully leased to a diverse group of national retailers and long-term medical tenants, providing stable cash flows that strengthen the credit profile of this investment. This transaction adds a high-quality New York City asset to our portfolio and underscores our focus on generating attractive risk-adjusted returns for shareholders.”

About Seven Hills Realty Trust

Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate investment trust, or REIT, 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 approximately $40 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.

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