City Office REIT, Inc.: debt financing — CIO 190 LP consents to receiver; $41.25M loan in default on Richardson, TX property

City Office REIT, Inc.

Subsidiary CIO 190 LP consented to appointment of receiver for 190 Office Center after Event of Default under a $41.25M loan.
Loan originally from 2015 is secured by the property and is non-recourse to City Office REIT except customary exceptions.
Company previously recorded a $6.9M impairment for the asset in FY2022 and expects no material future liabilities or gain/loss.
Receiver now has full possession and control of the office property; noteholder may accelerate the outstanding amount.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

City Office REIT, Inc. faced acceleration on loan of original principal amount of $41,250,000 with Wilmington Trust, National Association, as Trustee for Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27, Commercial Mortgage Pass-Through Certificates, Series 2015-C27.

Instrument: loan
Principal: original principal amount of $41,250,000
Counterparty: Wilmington Trust, National Association, as Trustee for Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27, Commercial Mortgage Pass-Through Certificates, Series 2015-C27
Event: acceleration

Exact text from the filing

was consented to by CIO 190 and the Plaintiff, a receiver was appointed to assume full possession and control of 190 Office Center. The Loan, in the original principal amount of $41,250,000 is secured by 190 Office Center. The Loan Agreement provides that amounts outstanding thereunder may be accelerated by the noteholder upon an Event of Default. The Loan Agreement

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Source: SEC EDGAR

accession 0001193125-23-145335

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