Finance
Seven Hills Realty Trust Closes $45.0 Million Bridge Loan to Finance the Acquisition of a Hotel in Boston, Massachusetts
NEWTON, Mass., December 17, 2024–(BUSINESS WIRE)–Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $45.0 million first mortgage floating rate bridge loan to finance the acquisition of Club Quarters Hotel, a 178-room hotel located at 161 Devonshire Street in Boston, Massachusetts.
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 Arch & Devonshire LLC, the borrower.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
“The Club Quarters Hotel benefits from being near the Massachusetts State House, Faneuil Hall, Boston Common, the Boston Theatre District and many significant historical sites. The closing of the loan to finance the acquisition of this hotel demonstrates our ability to identify and execute compelling loan investment opportunities. Furthermore, we continue to be active in the market and maintain a strong pipeline of quality loan opportunities to generate attractive risk adjusted returns for our shareholders.”
About Seven Hills Realty Trust
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate finance company focused on originating and investing in first mortgage loans secured by middle market transitional commercial real estate. SEVN is managed by Tremont Realty Capital, an affiliate of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with nearly $41 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These statements may include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about SEVN continuing to be active in the market and maintaining a strong pipeline of quality loan opportunities and SEVN’s investment focus, ability to complete additional loan investments in the future and ability to generate attractive risk adjusted returns for shareholders. Forward-looking statements reflect SEVN’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause SEVN’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: the ability of SEVN to make additional investments; the success of SEVN’s investments; SEVN’s available liquidity, access to capital and cost of capital; and various other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in SEVN’s periodic filings with the Securities and Exchange Commission, or SEC. The information contained in SEVN’s filings with the SEC, including under the caption “Risk Factors” in its periodic reports, or incorporated therein, identifies important factors that could cause SEVN’s actual results to differ materially from those stated in or implied by SEVN’s forward-looking statements. SEVN’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, SEVN does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
Dominic Anthony Walsh / Houston Public Media
One of the “Big Three” credit ratings agencies improved its outlook on the city of Houston’s financial position on Thursday, two weeks after city officials approved major reforms to the city’s revenue flow.
In a news release announcing the “stable” outlook, the agency said the city “made substantial progress in materially reducing its budget gap … through various structural changes.”
S&P Global lowered the city’s outlook in 2024 amid rising public safety costs tied to the more than $1 billion blockbuster settlement with the firefighters’ union, which included immediate backpay and hiked salaries by more than 30% over the five-year agreement. The “negative” outlook signaled the possibility of a credit downgrade, which would raise the city’s borrowing costs.
This year, Houston Mayor John Whitmire’s administration redirected about $100 million in revenue from the city’s water and wastewater utility to the $3 billion general fund, which supports most departments including police and fire. At the same time, the administration moved the more than $100 million solid waste department out of the general fund and into the utility while adopting a $5 monthly fee for garbage customers.
Altogether, the changes essentially erased the projected deficit for this fiscal year, which runs through June 2027.
Steven David, Whitmire’s chief operations officer, said the improved outlook is “just a validation of the work that Mayor Whitmire has been doing for the past two-and-a-half years.”
“If fiscal stability is a house, we’ve laid the foundation with this fiscal year, and it’s good to see that S&P is recognizing that,” he said.
S&P’s statement included a note of caution. The city’s budget deficit has routinely ballooned beyond what was planned.
In 2026, the administration expected a gap between revenue and spending of about $70 million. The actual deficit exceeded $170 million, although the city’s critical fund balance remained on target.
“If these deviations from the city’s budget continue, it could weaken our view of the city’s budgetary practices and overall reserves, aligning them more closely with those of lower-rated peers,” the agency said.
City Controller Chris Hollins — Houston’s elected financial official and a vocal critic of Whitmire’s financial policies — said the warnings “show we’re not out of the woods.”
The other “Big Three” credit ratings agencies have not yet announced changes. Fitch maintained a negative outlook, first assigned in 2024, while Moody’s outlook remained stable.
Digital payments are becoming an increasingly common part of everyday life in Uzbekistan, helping bring more consumers into the formal financial system and increasing demand for services beyond basic transactions.
According to a financial inclusion survey conducted by the Central Bank of Uzbekistan with support from the Asian Development Bank, 71.17% of respondents reported making or receiving at least one digital payment in 2025, compared with 39% in 2021.
The increase follows several years of policies aimed at expanding financial inclusion, encouraging electronic payments and introducing digital tools such as remote identification systems for banking customers.
Interviews conducted by Euronews on the sidelines of the Tashkent International Investment Forum (TIIF) suggest that the rapid adoption of digital payments is now beginning to influence wider parts of the financial sector, from lending and insurance to investment products and banking services for businesses.
Digital payments enter the mainstream
Industry executives point to a combination of demographic, technological and regulatory factors behind the growth of digital financial services.
Nikolay Seleznyov, co-founder of Uzum, a company active in e-commerce, digital payments and financial services, said the expansion is bringing more people into the banking system.
“More and more people are becoming bank customers. And this trend is irreversible.”
Oliver Hughes, chairman of TBC Uzbekistan, a digital bank operating through the TBC UZ and Payme applications, pointed to the country’s young population and widespread use of mobile technology as factors supporting the shift towards digital services.
The trend is also affecting established lenders. Dmitry Sapronov, deputy chairman of Ipoteka Bank, which became part of Hungary’s OTP Group in 2023, said customer demand for digital services has increased significantly in recent years, requiring banks to rethink how they deliver products and interact with clients.
Regulation and infrastructure
Executives said the growth of digital finance has been supported by both regulatory changes and investment in digital infrastructure.
The Central Bank and other institutions have introduced measures aimed at expanding financial inclusion and encouraging electronic payments, while digital identification systems have made it easier for consumers to access banking products remotely.
“The digital ID product was one of the biggest enablers here for all the players in the financial services industry,” Seleznyov said.
Anne Arundel County is preparing to launch a new finance and e-procurement system to modernize county operations and improve how businesses interact with local government.
The new platform, called Harbor, is scheduled to go live in July and will replace the County’s legacy procurement system with a centralized cloud-based platform built on Oracle Fusion Cloud.
County officials say the new system is designed to streamline procurement and financial processes while making it easier for both existing and prospective vendors to do business with the County.
From the press release:
“Harbor is a much-needed upgrade that will streamline services for our county agencies and those who do business with the county,” said Anne Arundel County Chief Administrative Officer Christine Anderson.
The platform will serve as a single portal for supplier registration, bid opportunities, invoicing, payment tracking, and contract management, consolidating what had previously been spread across multiple systems. County leaders say the transition is part of a broader effort to modernize operations, improve efficiency, and lower barriers for businesses seeking to compete for county contracts.
For counties, procurement modernization remains an important operational priority as local governments look to improve transparency, strengthen vendor engagement, and simplify access for businesses of all sizes. Anne Arundel County has encouraged interested suppliers to review training materials and registration information ahead of the July launch.
-
Austin, TX2 minutes agoTexas board approves Bible stories as required reading in public schools
-
Alabama5 minutes agoBest downtowns in Alabama? These 10 towns made the list
-
Alaska10 minutes agoLavrov Challenges Rubio: Kremlin Says Trump-Putin Reached Deal as Moscow Questions Washington’s Neutrality
-
Arizona17 minutes agoCentral Arizona is home to the ‘World’s Oldest Rodeo.’ Here’s what to see and do there
-
Arkansas20 minutes agoSanders announces Medicaid work requirement soft launch for Arkansas ARHOME recipients
-
California25 minutes agoNewsom urges a national ‘billionaires’ tax’ while fighting one in California
-
Colorado32 minutes agoAvalanche Re-Signs Kulak | Colorado Avalanche
-
Connecticut35 minutes ago40 Years, Zero Accountability: The Union Deal That’s Been Emptying Connecticut’s Wallet
