Seven Hills Realty Trust has closed on a $45-million first mortgage floating rate bridge loan to finance the acquisition of Club Quarters Hotel, a 178-key hotel in Boston. The borrower was Arch & Devonshire.
The loan has a three-year initial term with two one-year extension options. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Arch & Devonshire.
“The Club Quarters Hotel benefits from being near the Massachusetts State House, Faneuil Hall, Boston Common, the Boston Theatre District and many significant historical sites," Tom Lorenzini, president and chief investment officer of SEVN, said in a statement. "The closing of the loan to finance the acquisition of this hotel demonstrates our ability to identify and execute compelling loan investment opportunities. Furthermore, we continue to be active in the market and maintain a strong pipeline of quality loan opportunities to generate attractive risk adjusted returns for our shareholders.”