Seven Hills Realty Trust announced the closing of a $24.3 million first mortgage loan to refinance Kimball on Main, a 25,000 square foot retail property located in Park City, Utah’s historic Main Street shopping district.
The loan carries a three-year initial term with two one-year extension options, subject to the borrower satisfying certain conditions. The transaction was brought to SEVN’s manager, Tremont Realty Capital, by Stanton Road Capital, the property’s sponsor and owner. The property benefits from strong foot traffic from local residents and year-round tourism, as well as significant barriers to entry driven by restrictive zoning limiting new development within the historic downtown corridor.
Park City’s Main Street corridor is one of the most sought-after retail destinations in the region, drawing consistent visitor traffic tied to the area’s status as a year-round resort destination, with skiing in the winter months and outdoor recreation and tourism activity carrying through the rest of the year. That dynamic, combined with the historic downtown’s tightly restricted zoning, has long created a highly competitive environment for well-located retail space, supporting sustained demand from tenants seeking exposure to both local residents and the steady flow of visitors who pass through the corridor throughout the year.
The refinancing reflects Seven Hills Realty Trust’s continued focus on originating loans secured by high-quality, well-located commercial real estate in markets with strong underlying fundamentals. The transaction also builds on the firm’s existing relationship with Stanton Road Capital, a private investment management firm with offices in Los Angeles and Park City, as the two continue to work together on additional opportunities.
KEY QUOTE:
“Kimball on Main is a high quality retail property in the heart of one of the country’s premier resort destinations, supported by strong tenant demand, limited new supply and favorable long-term market fundamentals. We were also attracted to this opportunity as it comes to us from a repeat sponsor with whom we have successfully completed prior transactions.”
Tom Lorenzini, President and Chief Investment Officer, Seven Hills Realty Trust
