Seven Hills Realty Trust has closed an $18 million first mortgage floating-rate bridge loan to finance the acquisition of Aspen Ames, a 422-bed student housing property located in Ames, Iowa, near the Iowa State University campus.

An initial advance of approximately $17.7 million was funded at closing with future advances of approximately $300,000 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.

Tom Lorenzini, president of Seven Hills Realty Trust, said: “We continue to increase and diversify SEVN’s investment portfolio with the closing of a first mortgage loan for the acquisition of Aspen Ames, a student housing community that is 100% leased and well located less than a mile from Iowa State University’s campus. Our deal pipeline remains strong and we have an excellent opportunity to build on our momentum and expand SEVN’s origination volume as we continue our focus on middle market and transitional commercial mortgage lending.”

Seven Hills Realty Trust’s manager, Tremont Realty Capital, was introduced to the transaction by Jones Lang LaSalle, which advised the sponsor, Centurion Property Group.

Date published: 19 November 2021

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