Home Real Estate Seven Hills Realty Closes Bridge Loan for Anaheim Select-Service 
Real Estate

Seven Hills Realty Closes Bridge Loan for Anaheim Select-Service 

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.” 

Source link

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Real Estate

Memphis Dermon Building Converting to 150-Room Hotel

The Dermon Building in Memphis was built 99 years ago, designed as...

Real Estate

Developer Duo Secures $120M Refi for Charleston Harbor Rental Community

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to...

Real Estate

Bonita Springs Site for 252-Unit Apartment Community

Madison Communities and Heitman have closed a $44 million construction loan for...

Real Estate

$21.5M Loan for Tacoma Apartments Secured by Berkadia

Berkadia has secured financing for the acquisition of The Duo Apartments, a...