Seven Hills Realty Trust announced the closing of a $23.8 million first mortgage floating-rate loan to recapitalize 2515 S. Broadway, a newly constructed, Extra Space Storage–branded 80,000-square-foot self-storage facility located in Los Angeles.
The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Staley Point Capital, the Los Angeles–based sponsor.
