Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ACRES Commercial Realty Corp. amended term loan of not to exceed $500 million with Massachusetts Mutual Life Insurance Company at 1-Month Term SOFR plus the Applicable Spread maturing five years from the end of the issuance date for the term loan series.
- Instrument
- term loan
- Principal
- not to exceed $500 million
- Counterparty
- Massachusetts Mutual Life Insurance Company
- Rate
- 1-Month Term SOFR plus the Applicable Spread
- Maturity
- five years from the end of the issuance date for the term loan series
- Event
- amendment
Exact text from the filing
The Amended and Restated Loan Agreement amends and restates the existing loan and servicing agreement, as amended from time to time, entered into on July 31, 2020 by Holdings, the Borrower, MassMutual, the Lenders, Wells Fargo and ACRES Capital Servicing LLC (“Original Loan and Servicing Agreement”), to reflect a senior secured term loan facility, not to exceed $500 million, composed of individual loan series issued upon mutual agreement of the Borrower and Lenders.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ACRES Commercial Realty Corp. amended Amended and Restated Loan Agreement with Massachusetts Mutual Life Insurance Company, the other lenders party thereto, ACRES Capital Servicing LLC, Plymouth Meeting Holdings, LLC, Exantas Phili Holdings, Appleton Hotel Leasing, LLC, Appleton Hotel Holdings, LLC, and ACRES Real Estate TRS 9 LLC valued at not to exceed $500 million (effective 2022-12-22).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Massachusetts Mutual Life Insurance Company, the other lenders party thereto, ACRES Capital Servicing LLC, Plymouth Meeting Holdings, LLC, Exantas Phili Holdings, Appleton Hotel Leasing, LLC, Appleton Hotel Holdings, LLC, and ACRES Real Estate TRS 9 LLC
- Value
- not to exceed $500 million
- Effective
- 2022-12-22
Exact text from the filing
On December 22, 2022, RCC Real Estate SPE Holdings LLC (“Holdings”), an indirect, wholly-owned subsidiary of ACRES Commercial Realty Corp., and RCC Real Estate SPE 9 LLC (the “Borrower”), a direct, wholly-owned subsidiary of Holdings, entered into an Amended and Restated Loan and Servicing Agreement (the “Amended and Restated Loan Agreement”) with Massachusetts Mutual Life Insurance Company (“MassMutual”, also serving as facility servicer, administrative agent and collateral custodian), the other lenders party thereto (the “Lenders”), ACRES Capital Servicing LLC, an affiliate of ACRES Capital, LLC, as the portfolio asset servicer, and Plymouth Meeting Holdings, LLC and Exantas Phili Holdings, each as a permitted REO subsidiary, Appleton Hotel Leasing, LLC as Opco and Appleton Hotel Holdings, LLC as Propco and ACRES Real Estate TRS 9 LLC as a TRS subsidiary.
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