Creative Media & Community Trust Corp (CMCT): debt financing — CMCT subsidiary enters $35.5M mortgage loan with Comerica Bank; repays $15M JPMorgan facility

Creative Media & Community Trust Corp

$35.5M first-lien mortgage loan from Comerica Bank secured by Penn Field office campus in Austin, TX.
Initial $32M advance used for general corporate purposes and to pay down $15M under existing JPMorgan credit agreement.
Floating rate: 1-month Term SOFR + 2.95%; 3-year term to April 3, 2028, with two 1-year extension options.
Future advance of up to $3.5M for tenant allowance costs under a new lease expected with Boston Scientific or affiliate.
Company as guarantor must maintain net worth ≥$35M and liquid assets ≥$3M under the loan agreement.

item 1.01 item 1.02 item 8.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Creative Media & Community Trust Corp incurred loan of $35.5 million with Comerica Bank at one-month Term SOFR plus 2.95% maturing April 3, 2028.

Instrument: loan
Principal: $35.5 million
Counterparty: Comerica Bank
Rate: one-month Term SOFR plus 2.95%
Maturity: April 3, 2028
Event: incurrence

Exact text from the filing

On April 3, 2025, Comerica Bank (the “Lender”) originated a first lien mortgage loan of up to $35.5 million (the “Mortgage Loan”) to CIM Urban REIT Properties IX, L.P. (the “Borrower”)

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Creative Media & Community Trust Corp filing history →

Source: SEC EDGAR

accession 0000908311-25-000023

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