Ames, Iowa — (BUSINESS WIRE)–Seven Hills Realty Trust (Nasdaq:SEVN) today announced the closing of a floating-rate bridge loan to finance the acquisition of Aspen Ames, a 422 bed student housing property located at 3306 Lincoln Way 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. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Jones Lang LaSalle Incorporated, which advised the sponsor, Centurion Property Group.
