NEWTON, Mass.--(BUSINESS WIRE)--Seven Hills Realty Trust (Nasdaq:SEVN) today announced the closing of an $18.0 million first mortgage 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.
Tom Lorenzini, President of SEVN, made the following statement:
“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 (Nasdaq:SEVN) is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. SEVN is managed by Tremont Realty Capital, a wholly owned subsidiary of The RMR Group LLC. The RMR Group LLC is an alternative asset management company, majority owned by The RMR Group Inc. (Nasdaq:RMR), with over $32 billion in assets under management and 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.
Tremont Realty Capital is a direct lender that originates and invests in loans secured by middle market and transitional commercial real estate. For more information about Tremont Realty Capital please visit www.tremontcapital.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. Also, whenever SEVN uses words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions, SEVN is making forward-looking statements. These forward-looking statements are based upon SEVN’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by SEVN’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SEVN’s control. For example:
- This press release references recent loans closed and future plans to expand SEVN, which may imply that SEVN will close additional loans and that its business will continue to improve as a result. However, SEVN’s business and ability to execute loans and realize its investment objective are subject to various risks, including the competitive nature of the industry in which it operates, as well as other factors, many of which are outside its control, such as the current COVID-19 pandemic. These risks and other factors may prevent SEVN from successfully closing additional loans, executing its new business and realizing its investment objective. Further, once SEVN invests or commits its remaining capital, its ability to continue to grow and fund loans will be subject to its ability to obtain additional cost-effective capital or its redeploying proceeds from repayments of its loan investments.
The information contained in SEVN’s filings with the Securities and Exchange Commission, or SEC, including under “Risk Factors” in SEVN’s periodic reports or incorporated therein, identifies other 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.
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A Maryland Statutory Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.