secwatch.observer — SEC 8-K summary
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Issuer:     PROCACCIANTI HOTEL REIT, INC. (PRXK)
CIK:        0001692345
Form:       8-K
Filed at:   2025-07-14T23:59:59+00:00
Accession:  0001104659-25-067729
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692345/000110465925067729/0001104659-25-067729-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692345/000110465925067729/tm2519233d3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-067729

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