8-K
filed August 18, 2023, 7:59 PM ET
CIK 0001593222
debt
confidence high
sentiment neutral
materiality 0.60
City Office REIT, Inc.: debt financing — City Office REIT refinances two mortgage loans totaling $40.8 million with BankUnited
City Office REIT, Inc.
- Amended FRP Collection loan for $26.3 million, maturing Aug 2028, at daily-simple SOFR plus 275 bps.
- Amended Carillon Point loan for $14.5 million, maturing Aug 2028, same interest rate structure.
- Both loans include a five-year interest rate swap fixing SOFR at 4.3% (effective rate 7.05%).
- FRP Collection comprises five buildings with ~272,000 sq ft in Orlando, FL; Carillon Point is a 124,000 sq ft office in Tampa, FL.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
City Office REIT, Inc. amended mortgage of $14.5 million with BankUnited, N.A. at daily-simple SOFR plus 275 basis points maturing August 16, 2028.
- Instrument
- mortgage
- Principal
- $14.5 million
- Counterparty
- BankUnited, N.A.
- Rate
- daily-simple SOFR plus 275 basis points
- Maturity
- August 16, 2028
- Event
- amendment
Exact text from the filing
The Amended and Restated Carillon Loan Agreement, as evidenced by the Amended and Restated Carillon Promissory Note, relates to a $14.5 million mortgage loan to CIO Carillon (the "Carillon Loan"),
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
City Office REIT, Inc. amended mortgage of $26.3 million with BankUnited, N.A. at daily-simple SOFR plus 275 basis points maturing August 16, 2028.
- Instrument
- mortgage
- Principal
- $26.3 million
- Counterparty
- BankUnited, N.A.
- Rate
- daily-simple SOFR plus 275 basis points
- Maturity
- August 16, 2028
- Event
- amendment
Exact text from the filing
The Amended and Restated FRP Loan Agreement, as evidenced by the Amended and Restated FRP Promissory Note, relates to a $26.3 million mortgage loan to the Borrowers (the "FRP Loan"),
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
City Office REIT, Inc. amended Amended and Restated Carillon Loan Agreement with BankUnited, N.A. valued at $14.5 million (effective 2023-08-16).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- BankUnited, N.A.
- Value
- $14.5 million
- Effective
- 2023-08-16
Exact text from the filing
On August 16, 2023, CIO Carillon, Limited Partnership (“CIO Carillon”), an indirect subsidiary of the Company, entered into an amended and restated loan agreement (the “Amended and Restated Carillon Loan Agreement”), dated as of August 16, 2023, with BankUnited, which is evidenced by an amended and restated renewal promissory note (the “Amended and Restated Carillon Promissory Note”), to renew, amend and restate the existing loan agreement, dated as of October 12, 2016, as amended (the “Existing Carillon Loan Agreement”), and existing promissory note (the “Existing Carillon Promissory Note”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
City Office REIT, Inc. amended Amended and Restated FRP Loan Agreement with BankUnited, N.A. valued at $26.3 million (effective 2023-08-16).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- BankUnited, N.A.
- Value
- $26.3 million
- Effective
- 2023-08-16
Exact text from the filing
On August 16, 2023, CIO Research Commons, LLC, CIO Technology Point I & II, LLC and CIO University Tech, LLC (collectively, the “Borrowers”), all indirect subsidiaries of City Office REIT, Inc. (the “Company”), entered into an amended and restated loan agreement (the “Amended and Restated FRP Loan Agreement”), dated as of August 16, 2023, with BankUnited, N.A. (“BankUnited”), which is evidenced by an amended and restated renewal promissory note (the “Amended and Restated FRP Promissory Note”), to renew, amend and restate the existing loan agreement, dated as of September 2, 2016, as amended (the “Existing FRP Loan Agreement”), and existing promissory note (the “Existing FRP Promissory Note”).
View on SEC.gov
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