J.W. Mays enters $8M mortgage loan with Beacon Bank for Fishkill property expansion

MAYS J W INC

Principal $8M; $2M advanced at closing; secured by first lien on Fishkill, NY property.
Advance period interest: WSJ Prime + 100 bps, floor 7.25%; amortization period thereafter.
Proceeds used to construct expansion rentable space for an existing tenant at Fishkill.
Balloon payment due May 1, 2036; amortized over 25 years but matures in 10 years.
Mandated $1M minimum combined operating/tenant security account balance with lender.

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