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Commercial real estate company Seven Hills Realty Trust (SEVN) announced the first $24.4 million variable rate mortgage for an industrial warehouse property in California.
According to its release, the loan was used to purchase an 83,000-square-foot warehouse property located at 10516 Commerce Way in Fontana, California.
Seven Hills provided an initial down payment of $22 million at closing, with further advances of up to approximately $2.4 million for capital expenditures, tenant improvements, and leasing commissions.
The loan is structured with an initial two-year term and two one-year extension options. JLL Capital Markets awarded the deal to Seven Hill manager Tremont Realty Capital. JLL also advised sponsoring Thor Equities.
As per Tom Lorenzini, president of SEVN, the organization remains active and continues to find strong investments for our portfolio that provide attractive risk-adjusted returns in today’s lending environment.
Commerce Way loans are provided to our repeat sponsors to purchase industrial facilities located in major Inland Empire submarkets.
This closing further demonstrates our platform’s strength and ability to leverage our deep network of industry relationships to create high-quality asset-backed loans.
Reference Source: MPA
