Broad Street Realty reinstates Midtown Row acquisition at $123.3M, extends closing to Nov 23

Broad Street Realty, Inc.

Purchase price increased from $122M to $123.3M, paid in cash and OP units (min $5M in units valued at $2/unit).
Additional deposits: $250k cash, pledge of $324k development fee, and $1.25M reserve deposit upon release of lender reserves.
Outside closing date extended to November 23, 2022; seller retains right to market property.
Related parties: CEO Michael Jacoby, CFO Alexander Topchy, others have indirect ownership in seller; estimated $1.4M in OP units at closing.
Preferred units issued: 12% annual distribution (5% cash, 7% PIK), convertible to common units; liquidation preference $2/unit.

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