secwatch.observer — SEC 8-K summary
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Issuer:     Medalist Diversified, Inc. (MDRR)
CIK:        0001654595
Form:       8-K
Filed at:   2026-10-13T20:06:28+00:00
Accession:  0001104659-26-115493
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1654595/000110465926115493/0001104659-26-115493-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1654595/000110465926115493/mdrr-20261009x8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-115493

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