PROCACCIANTI HOTEL REIT, INC. (PRXK): debt financing — 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.

Key facts

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 $19,200,000 with Rockland Trust Company at FHLBB Fixed Rate plus 2.0% maturing five (5) years from the date of the Refinancing Note.

Instrument: loan
Principal: $19,200,000
Counterparty: Rockland Trust Company
Rate: FHLBB Fixed Rate plus 2.0%
Maturity: five (5) years from the date of the Refinancing Note
Event: incurrence

Exact text from the filing

On July 10, 2025, the Company, through Gano, as borrower (the “Borrower”), and Rockland Trust Company, as the lender (the “Lender”), entered into a Loan Agreement (the “Refinancing Loan”). In connection with the Refinancing Loan, the Borrower borrowed $19,200,000 and issued a secured promissory note (the “Refinancing Note”) to the Lender in the same amount.

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Source: SEC EDGAR

accession 0001104659-25-067729

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