secwatch.observer — SEC 8-K summary
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Issuer:     PROCACCIANTI HOTEL REIT, INC. (PRXK)
CIK:        0001692345
Form:       8-K
Filed at:   2024-06-10T23:59:59+00:00
Accession:  0001104659-24-069829
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692345/000110465924069829/0001104659-24-069829-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692345/000110465924069829/tm2416665d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-069829

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