secwatch.observer — SEC 8-K summary
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Issuer:     Creative Media & Community Trust Corp (CMCT)
CIK:        0000908311
Form:       8-K
Filed at:   2025-04-09T23:59:59+00:00
Accession:  0000908311-25-000023
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 8.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CMCT subsidiary enters $35.5M mortgage loan with Comerica Bank; repays $15M JPMorgan facility
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/908311/000090831125000023/0000908311-25-000023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/908311/000090831125000023/cmct-20250403.htm
  HTML page:      https://secwatch.observer/filing/0000908311-25-000023

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