Trinity Place Holdings Inc. (TPHS): debt financing — 77 Mortgage Lender demands $104.1M; default interest accruing, foreclosure threat

Trinity Place Holdings Inc.

On Nov 16, 2023, 77 Mortgage Lender demanded $104,119,299 under 77 Mortgage Loan Agreement.
Default interest (contract rate +5%) is now accruing on the entire indebtedness.
Forbearance agreements with Mezzanine and CCF lenders may terminate if foreclosure proceeds.
Company in discussions for restructuring/extension of the 77 Mortgage Loan, with no assurance of outcome.
Company guarantees cover completion, interest, and bad-boy provisions under the loan.

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

Trinity Place Holdings Inc. reported a default on loan of $104,119,299 with Macquarie PF Inc., as lender and administrative agent (the "77 Mortgage Lender") at default interest (the contract rate plus 5%).

Instrument: loan
Principal: $104,119,299
Counterparty: Macquarie PF Inc., as lender and administrative agent (the "77 Mortgage Lender")
Rate: default interest (the contract rate plus 5%)
Event: default

Exact text from the filing

On November 16, 2023, the 77 Mortgage Lender sent a notice of demand to the 77 Mortgage Borrower, reserving all rights, stating that the entire amount of the indebtedness under the 77 Mortgage Loan Agreement that is due and payable as of such date is $104,119,299 and that default interest (the contract rate plus 5%) is accruing.

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Trinity Place Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-120423

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