Generation Income Properties increases secured loan by $4M to $5.5M, extends maturity to 2026

GENERATION INCOME PROPERTIES, INC.

Loan increased from $1.5M to $5.5M via amended note dated July 21, 2023.
Maturity extended from Oct 14, 2024 to Oct 14, 2026; interest remains 9% per annum.
Loan secured by equity interests of five LLCs: GIPVA 2510 Walmer Ave, GIPVA 130 Corporate Blvd, GIP DB SPE, GIPVB SPE, GIPFL 508 S. Howard Ave.
No other changes to original note terms.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GENERATION INCOME PROPERTIES, INC. amended Amended and Restated Promissory Note with Brown Family Enterprises, LLC valued at from $1.5 million to $5.5 million (effective 2023-07-21).

Action: amendment
Agreement: credit facility
Counterparty: Brown Family Enterprises, LLC
Value: from $1.5 million to $5.5 million
Effective: 2023-07-21

Exact text from the filing

amended and restated its previously disclosed Secured Promissory Note, dated October 14, 2022 (the "Note"), payable to Brown Family Enterprises, LLC ("Lender"), and the related Security Agreement with the Lender, dated October 14, 2022 (the “Security Agreement”), to reflect an increase in the Note and the loan evidenced thereby (the “Loan”) from $1.5 million to $5.5 million

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GENERATION INCOME PROPERTIES, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-034801

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