New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
SEVN Closes on First Mortgage to Refi Upper West Side Mixed-Use
Seven Hills Realty Trust (SEVN) closed on 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 CIO of SEVN, said, “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.”
- ◦Financing
