Medalist Savannah JV draws $13.8M construction loan; REIT unit guarantees completion, cost overruns

Medalist Diversified, Inc.

MIRA Sav Property LLC, a Mira JV subsidiary, closed a $13.8M construction loan from GLP 2505 LLC on Oct 9, 2026 for a Savannah, GA townhome project.
Loan funds $5.05M at closing plus $8.75M construction reserve; interest is greater of 11.5% or WSJ Prime +4.75%; matures Oct 9, 2027.
Medalist's operating partnership signed non-recourse carveout, completion (cost overruns) and environmental guaranties; minimum aggregate interest of $940,000 required.
Medalist committed $4.0M for ~42% preferred equity in the Mira JV; Spandrel holds 37% common, CEO Frank Kavanaugh and director Emanuel Neuman 11% each.
Contribution Agreement with co-guarantor Spandrel Sponsors Fund II allocates losses; untimely reimbursements bear 18% interest with JV dilution.

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