Procaccianti Hotel REIT refinances $19.2M debt on Providence Hilton Garden Inn

PROCACCIANTI HOTEL REIT, INC.

Borrowed $19.2M via secured promissory note from Rockland Trust to refinance existing $16.9M debt and pay closing costs.
Interest rate: FHLBB Classic Advance Rate (5-year) plus 2.0% fixed; interest-only for 2 years, then 300-month amortization.
Maturity date 5 years from July 10, 2025; prepayment penalty 2% in year 1, 1% in year 2, none thereafter.
Loan secured by first mortgage on 137-room Hilton Garden Inn in Providence, RI; guaranteed by company.
Refinancing through subsidiary Gano Holdings, LLC; includes customary covenants and events of default.

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