secwatch.observer — SEC 8-K summary
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Issuer:     PROCACCIANTI HOTEL REIT, INC. (PRXK)
CIK:        0001692345
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001104659-24-055788
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Procaccianti Hotel REIT refinances two hotels with $23.67M Liberty Bank loan
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- Borrowed $23.67M via two loans secured by St. Petersburg and Wilmington hotels; proceeds used to pay off existing first mortgages.
- Interest rate floating at 1-month SOFR + 250 bps; interest-only for 2 years, then 300-month amortization; 5-year maturity.
- Loans cross-collateralized and cross-defaulted; guaranteed by Procaccianti Hotel REIT, Inc.
- Board authorized Q1 2024 distributions: $680,542 for K Shares, $238,603 for K-I, $521 for K-T, and $22,299 for Class K OP units, at 7% p.a.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692345/000110465924055788/0001104659-24-055788-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692345/000110465924055788/tm2413016d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-055788

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