Trinity Place extends loan milestone to Sept 2023, cures defaults; strategic talks end

On November 30, 2022, a wholly-owned subsidiary (the “Mortgage Borrower”) of Trinity Place Holdings Inc. (the “Company”) and owner of the real property known as 77 Greenwich Street, New York, New York, entered into an amendment to the Master Loan Agreement, dated as of October 22, 2021 (the “Mortgage Loan Agreement”) with Macquarie PF Inc., as lender and administrative agent (the “Mortgage Lender”), which provided for (i) the extension of certain milestone dates including extension of the final completion milestone date, as contemplated under the Mortgage Loan Agreement, to September 29, 2023, in order to accommodate final construction items, including the outside dog-run, punchlist items and general contractor settlements, (ii) the return to the Company of a $4 million letter of credit held by the Mortgage Lender, a $1 million payment to be applied to reduce accrued PIK interest and a $3 million deposit to be held by the Mortgage Lender and made available to cover certain potential fu

On the same date, in connection with the Mortgage Loan Amendment, the subsidiary of the Company that is the indirect parent of the Mortgage Borrower (the “Mezzanine Borrower”), entered into an amendment to the Amended and Restated Mezzanine Loan Agreement (the “Mezzanine Loan Agreement”), dated as of December 22, 2020, by and among the Mezzanine Borrower and the lender and administrative agent thereunder (“Mezzanine Lender”), which incorporated the amendments included in the Mortgage Loan Amendment (the “Mezzanine Loan Amendment”).