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Seven Hills Realty Trust has closed a USD 24.3 million first mortgage loan to refinance Kimball on Main, a retail property in Park City, Utah. The asset is located in the city's historic Main Street shopping district and benefits from steady tourist activity, strong tenant demand and limited scope for new development due to zoning restrictions. The loan carries a three-year initial tenure with two one-year extension options, subject to conditions. The transaction also reflects the REIT's continued focus on financing income-generating commercial real estate in established markets.
Seven Hills Realty Trust has completed a USD 24.3 million first mortgage loan to refinance Kimball on Main, a 25,000-square-foot retail property in Park City, Utah. The financing is secured against the retail asset, which is located in the city's historic Main Street shopping district, a well-known commercial and tourism destination.
The property is leased to a diverse mix of retail tenants and benefits from year-round footfall generated by both local residents and visitors. It also enjoys limited competition from new developments because zoning regulations in the historic downtown area restrict fresh construction, supporting long-term occupancy and demand.
The loan has been structured with an initial tenure of three years and includes two one-year extension options, subject to the borrower meeting specified conditions. The transaction was introduced to Seven Hills Realty Trust's manager, Tremont Realty Capital, by Stanton Road Capital, a private investment management firm with offices in Los Angeles and Park City. Stanton Road Capital is also the sponsor and owner of the property.
Tom Lorenzini, President and Chief Investment Officer of Seven Hills Realty Trust, said the company views Kimball on Main as a quality retail asset in one of the United States' leading resort destinations. He added that the investment was supported by strong tenant demand, constrained new supply and favourable long-term market fundamentals. He also noted that the financing involved a repeat sponsor with whom the company had successfully completed transactions in the past, making the loan a suitable addition to its investment portfolio.
Seven Hills Realty Trust is a real estate investment trust that originates and invests in first mortgage loans backed by middle-market transitional commercial real estate. Managed by Tremont Realty Capital, an affiliate of The RMR Group, the REIT has continued expanding its lending portfolio across different commercial property segments. In recent months, it has closed financing for medical office, multifamily, self-storage, hospitality and retail assets, reflecting its strategy of investing in income-producing commercial real estate across established U.S. markets.
Source Reuters
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