---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-115493"
form_type: "8-K"
ticker: "MDRR"
cik: "0001654595"
company_name: "Medalist Diversified, Inc."
filed_at: "2026-10-13T20:06:28+00:00"
generated_at: "2026-10-13T20:08:12.344449+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-115493
- form_type: 8-K
- ticker: MDRR
- cik: 0001654595
- company_name: Medalist Diversified, Inc.
- filed_at: 2026-10-13T20:06:28+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1654595/000110465926115493/0001104659-26-115493-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1654595/000110465926115493/mdrr-20261009x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-115493
- JSON: https://secwatch.observer/filing/0001104659-26-115493.json
- Plain text: https://secwatch.observer/filing/0001104659-26-115493.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.