Summit Apartment Building

Harbert United States Real Estate Fund VII, L.P. Acquires The Summit Apartments

Retrieved on: 
Tuesday, June 21, 2022
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BIRMINGHAM, Ala., June 21, 2022 (GLOBE NEWSWIRE) -- Harbert United States Real Estate Fund VII, L.P., along with its parallel fund (HUSREF VII), has acquired The Summit Apartments (The Summit or the Property) in Union City, Georgia.

Key Points: 
  • BIRMINGHAM, Ala., June 21, 2022 (GLOBE NEWSWIRE) -- Harbert United States Real Estate Fund VII, L.P., along with its parallel fund (HUSREF VII), has acquired The Summit Apartments (The Summit or the Property) in Union City, Georgia.
  • Eaglebrook Real Estate (Eaglebrook) is HUSREF VIIs joint venture partner in this investment.
  • With more than 25 years of experience, the principal of Eaglebrook has acquired, managed, financed, and sold more than $3 billion of real estate throughout the United States.
  • Investment strategies include European and U.S. real estate, seniors housing, growth capital, credit solutions, infrastructure, and absolute return funds.

Seven Hills Realty Trust Closes $31.5 Million Bridge Loan to Finance the Acquisition of Summit Apartments in Farmington Hills, Michigan

Retrieved on: 
Tuesday, June 7, 2022
Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Banking, Public expenditure, Summit Apartment Building, LLC, Forward-looking statement, Security (finance), U.S. Securities and Exchange Commission, Nasdaq, Growth, Private Securities Litigation Reform Act, Drive, Acquisition, COVID-19, SEC, Trust, Industry, Securities & Exchange Commission of Pakistan, Commercial property, Bank, Bookkeeping

Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $31.5 million first mortgage floating-rate bridge loan to finance the acquisition and repositioning of Summit Apartments, a 154-unit multifamily property located at 29925-30205 Summit Drive in Farmington Hills, Michigan.

Key Points: 
  • Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $31.5 million first mortgage floating-rate bridge loan to finance the acquisition and repositioning of Summit Apartments, a 154-unit multifamily property located at 29925-30205 Summit Drive in Farmington Hills, Michigan.
  • An initial advance of approximately $28.5 million was funded at closing with future advances of up to $3.0 million available for capital expenditures.
  • The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.
  • Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate.