Trinity Place extends loan forbearance to Oct 29; secures $10.5M JV partner loan at 10%

Trinity Place Holdings Inc.

Extended forbearance on 77 Greenwich and mezzanine loans through October 29, 2021.
Requires full repayment of ~$189M loan principal plus fees and default interest to waive defaults.
Accrued default interest of $2,021,002 from June 30 to Sep 30; default rate continues.
Secured $10.5M loan from The Berkley JV partner at 10% interest, maturing in one year.
Proceeds planned for refinancing the 77 Greenwich construction loan with a new inventory loan.

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