Sotherly Hotels Inc. (SOHOO): debt financing — Sotherly Hotels refinances Hotel Alba with $35M fixed-rate mortgage at 8.49%

Sotherly Hotels Inc.

$35M mortgage loan from Citi Real Estate Funding Inc., interest-only, 5-year term maturing March 6, 2029, fixed rate 8.49%.
Net proceeds of ~$10.25M after repaying existing first mortgage; funds for general corporate purposes.
Loan guaranteed by Operating Partnership only for 'bad boy' acts; prepayment restricted until last 4 months.
CEO states refinancing completes repositioning strategy that created substantial value and cash proceeds.

item 2.03 item 7.01 item 9.01

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 loan of $35.0 million with Citi Real Estate Funding Inc. at 8.49% maturing March 6, 2029.

Instrument: loan
Principal: $35.0 million
Counterparty: Citi Real Estate Funding Inc.
Rate: 8.49%
Maturity: March 6, 2029
Event: incurrence

Exact text from the filing

On February 7, 2024, affiliates of Sotherly Hotels Inc. (the “Company”), the sole general partner of Sotherly Hotels LP (the “Operating Partnership”), entered into loan documents to secure a $35.0 million mortgage loan (the “Mortgage Loan”) on the Hotel Alba Tampa (the “Hotel”) located in Tampa, FL with Citi Real Estate Funding Inc.

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299 debt financings filed in the last 30 days. Browse all debt financings →

Sotherly Hotels Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-014177

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