Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Sotherly Hotels Inc. amended mortgage of $14.2 million with International Bank of Commerce at New York Prime Rate plus 1.25%, subject to a floor rate of 7.50% maturing February 26, 2028.
- Instrument
- mortgage
- Principal
- $14.2 million
- Counterparty
- International Bank of Commerce
- Rate
- New York Prime Rate plus 1.25%, subject to a floor rate of 7.50%
- Maturity
- February 26, 2028
- Event
- amendment
Exact text from the filing
in Houston, TX with the existing lender, International Bank of Commerce. Pursuant to the amended loan documents, the Mortgage Loan: • has a principal balance of approximately $14.2 million; • has an extended maturity date of February 26, 2028; • maintains a floating interest rate of New York Prime Rate plus 1.25%, subject to a floor rate of 7.50%; • contains
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Sotherly Hotels Inc. amended Mortgage Loan with International Bank of Commerce valued at approximately $14.2 million (effective 2023-02-26).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- International Bank of Commerce
- Value
- approximately $14.2 million
- Effective
- 2023-02-26
Exact text from the filing
On February 26, 2023, affiliates of Sotherly Hotels Inc., the sole general partner of Sotherly Hotels LP (the “Operating Partnership”), entered into amended loan documents to modify the existing mortgage loan (as amended, the “Mortgage Loan”) on The Whitehall hotel located in Houston, TX with the existing lender, International Bank of Commerce.
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