secwatch.observer — SEC 8-K summary
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Issuer:     Broad Street Realty, Inc. (BRST)
CIK:        0000764897
Form:       8-K
Filed at:   2022-11-25T23:59:59+00:00
Accession:  0000950170-22-025684
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 5.02, 2.03, 2.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Broad Street Realty closes $80M Fortress preferred equity, acquires Midtown Row for $118.7M
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- Fortress invested $80M in exchange for preferred interest with 12% annual return (5% cash, 7% capitalized).
- Midtown Row (240 student housing units, 63,573 sq ft retail) acquired for $118.7M using cash, Common and Preferred OP Units.
- Fortress received a warrant to buy 2.56M shares at $0.01/share and appointed Noah Shore to the board.
- Proceeds redeemed $8.5M Basis preferred, paid off MVB loans, extended Basis term loan to Jan 2024.
- Fortress gets board nomination rights; trigger events include yield targets, CEO departure, or no QPO by Nov 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764897/000095017022025684/0000950170-22-025684-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764897/000095017022025684/brst-20221122.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-025684

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer