Sotherly Hotels Inc. (SOHOO): debt financing — Sotherly Hotels refinances DoubleTree Laurel with $10M fixed-rate loan at 7.35%

Sotherly Hotels Inc.

$10M mortgage loan with Citi Real Estate Funding Inc., fixed rate 7.35%, matures May 2028.
Interest-only payments; prepayment restricted until last 4 months of term.
Proceeds repaid existing first mortgage and generated ~$2.7M cash for general corporate purposes.
CEO cites favorable terms and significant value realized via streamlined operating strategy.

Key facts

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. incurred mortgage of $10.0 million with Citi Real Estate Funding Inc. at 7.35% maturing May 6, 2028.

Instrument: mortgage
Principal: $10.0 million
Counterparty: Citi Real Estate Funding Inc.
Rate: 7.35%
Maturity: May 6, 2028
Event: incurrence

Exact text from the filing

On May 4, 2023, affiliates of Sotherly Hotels Inc., the sole general partner of Sotherly Hotels LP (the “Operating Partnership”), entered into loan documents to secure a $10.0 million mortgage loan (the “Mortgage Loan”) on the DoubleTree by Hilton Laurel hotel (the "Hotel") located in Laurel, MD with Citi Real Estate Funding Inc.

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Sotherly Hotels Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-018146

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