Commercial real estate firm Seven Hills Realty Trust (SEVN) has announced closing a $24.4 million first mortgage floating-rate loan for an industrial warehouse property in California.
According to its release, the loan financed the acquisition of an 83,000-square-foot warehouse property located at 10516 Commerce Way in Fontana, Calif. Seven Hills funded the $22 million initial advance during closing with future advances of up to approximately $2.4 million available for capital expenditures, tenant improvements and leasing commissions.
The loan is structured with a two-year initial term and two one-year extension options. JLL Capital Markets brokered the deal to Seven Hill’s manager, Tremont Realty Capital. JLL also advised the sponsor Thor Equities.