secwatch.observer — SEC 8-K summary
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Issuer:     Creative Media & Community Trust Corp (CMCT)
CIK:        0000908311
Form:       8-K
Filed at:   2024-12-10T23:59:59+00:00
Accession:  0000908311-24-000069
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CMCT subsidiaries obtain $92.2M mortgage loan from Deutsche Bank secured by Sheraton Grand Sacramento hotel
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- Loan of up to $92.2M includes $84.3M closing advance to pay down $71.9M existing debt and fund hotel renovations.
- Floating-rate, interest-only loan at one-month Term SOFR plus 4.35%, maturing Dec 2026 with three one-year extension options.
- Company guarantees carveouts and must maintain net worth ≥ $75M and liquid assets ≥ $5M exclusive of collateral.
- Loan secured by first liens on 505-room Sheraton Grand Sacramento and adjacent parking garage.
- Up to $7.9M future advance to fund further renovations subject to conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/908311/000090831124000069/0000908311-24-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/908311/000090831124000069/cmct-20241206.htm
  HTML page:      https://secwatch.observer/filing/0000908311-24-000069

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