Seven Hills Realty Trust Closes $37.5 Million Loan to Refi Auburn Student Housing
Seven Hills Realty Trust announced the closing of a $37.5 million first mortgage bridge loan to refinance The Union at Auburn, a 501-bed Class A student housing property located at the Auburn University campus.
The loan is structured with a 30-month initial term and one 12-month extension option, subject to the borrower meeting certain requirements. This is the second Seven Hills Realty Trust transaction with Boston-based WFI.
“We remain focused on investment opportunities that present attractive risk adjusted returns in today’s lending environment,” said Tom Lorenzini, President of Seven Hills Realty Trust. “The Union at Auburn loan was made to a repeat sponsor for the refinancing of a recently developed Class A student housing community located less than a mile from the Auburn University campus. (Our) pipeline remains active and we have ample liquidity to capitalize on additional opportunities in the months ahead.”