Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
PROCACCIANTI HOTEL REIT, INC. incurred loan of $23,670,000 with Liberty Bank at one-month term Secured Overnight Financing Rate (“SOFR”) plus two hundred fifty maturing five (5) years from the date of the Refinancing Notes.
- Instrument
- loan
- Principal
- $23,670,000
- Counterparty
- Liberty Bank
- Rate
- one-month term Secured Overnight Financing Rate (“SOFR”) plus two hundred fifty
- Maturity
- five (5) years from the date of the Refinancing Notes
- Event
- incurrence
Exact text from the filing
Hotel Loan”, and together with the St. Petersburg Hotel Loan, the “Refinancing Loans”). In connection with the Refinancing Loans, the Company borrowed an aggregate amount of $23,670,000 and issued promissory notes (the “Refinancing Notes”) to Liberty Bank in the same amount. The loan proceeds were primarily used to pay off in full the existing first mortgages on
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
PROCACCIANTI HOTEL REIT, INC. entered into Loan Agreement with Liberty Bank valued at aggregate amount of $23,670,000 (effective 2024-04-26).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Liberty Bank
- Value
- aggregate amount of $23,670,000
- Effective
- 2024-04-26
Exact text from the filing
(i) PHR STPFL, LLC, a Delaware limited company and wholly-owned subsidiary of the Fund (“PHR STPFL”), as borrower, and Liberty Bank, as the lender, entered into the Loan Agreement dated as of April 25, 2024 (the “St. Petersburg Hotel Loan"), and (ii) PHR WNC, LLC, a Delaware limited company and wholly-owned subsidiary of the Fund (“PHR WNC”), as borrower, and Liberty Bank, as the lender, entered into the Loan Agreement dated April 26, 2024 (the “Wilmington Hotel Loan", and together with the St. Petersburg Hotel Loan, the “Refinancing Loans”).
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