Seven Hills Realty Trust (SEVN) closed on a $29-million first mortgage floating rate bridge loan secured by the SunCoast Park Hotel Anaheim, located at 1640 S. Clementine St. In Anaheim. The 174-key select service hotel part of the Tapestry Collection by Hilton.
The loan has a two-year initial term with three one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by RobertDouglas, which advised SunCoast Properties, the Irvine-based sponsor.
Tom Lorenzini, president and CIO of SEVN, said, “The closing of the SunCoast Park Hotel Anaheim first mortgage loan further diversifies our portfolio while providing for an attractive risk adjusted return. The property is well located in Anaheim’s entertainment and retail district, is less than a mile from the entrance to Disneyland and is near numerous other demand generators, including the Anaheim Convention Center and Angel Stadium.”