STAR EQUITY HOLDINGS, INC.: M&A transaction — Star Equity completes $3M real estate purchase for Timber Technologies; issues $3M note at 7.5%

STAR EQUITY HOLDINGS, INC.

Star Equity subsidiary 106 Bremer bought real property from Timber Properties (seller affiliate) for $3.0M plus closing costs on June 28, 2024.
A $3.0M promissory note issued to Timber Properties, bearing 7.5% interest, payable quarterly, maturing June 29, 2034.
The note is secured by a mortgage on the acquired property, subordinate to a prior Bridgewater Bank loan.
This completes the real estate component of the Timber Technologies asset acquisition first disclosed in May 2024.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

STAR EQUITY HOLDINGS, INC. completed a disposition involving Timber Properties, LLC for $3.0 million plus closing costs (closed 2024-06-28).

Action: disposition
Counterparty: Timber Properties, LLC
Consideration: $3.0 million plus closing costs
Closing: 2024-06-28

Exact text from the filing

Timber Properties, LLC (“Timber Properties”), an affiliate of the Seller, sold to 106 Bremer, LLC, a wholly-owned subsidiary of the Company (“106 Bremer”), all of Timber Properties’ Owned Real Property (as defined in the Asset Purchase Agreement) pursuant to a Real Estate Sales Agreement for $3.0 million plus closing costs.

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Source: SEC EDGAR

accession 0000707388-24-000067

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