Procaccianti Hotel REIT refinances Hotel Indigo Traverse City with $15.6M Berkshire Bank loan

PROCACCIANTI HOTEL REIT, INC.

Borrowed $15,600,000 from Berkshire Bank to refinance existing debt on the 107-room Hotel Indigo Traverse City.
Loan matures June 6, 2029 (initial 5-year term) with two 12-month extension options subject to DSCR ≥ 1.50:1.
Interest rate = 2.50% over 3-year Treasury; interest-only for first 3 years, then amortizing over 300 months.
Prepayment penalty: 2% (year 1), 1% (year 2), none after year 2.
Loan secured by first mortgage on property and guaranteed by Procaccianti Hotel REIT, Inc.

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