PILLARSTONE CAPITAL REIT: debt financing — Pillarstone subsidiary files Chapter 11 to halt foreclosure on $14.4M loan

PILLARSTONE CAPITAL REIT

Whitestone Uptown Tower, LLC filed Chapter 11 on Dec 1, 2023, in Northern District of Texas.
Default on $14.4M principal mortgage loan; total payoff estimate $18.8M including $6.5M default interest.
Filing halts foreclosure sale scheduled for Dec 5, 2023; dispute with Whitestone REIT blocked property sale.
Whitestone REIT subsidiary is guarantor; Delaware Chancery Court trial held July 2023 awaiting decision.

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

PILLARSTONE CAPITAL REIT reported a default on mortgage of outstanding principal balance of approximately $14.4 million with Rialto Capital Advisors, LLC at default interest maturing October 1, 2023.

Instrument: mortgage
Principal: outstanding principal balance of approximately $14.4 million
Counterparty: Rialto Capital Advisors, LLC
Rate: default interest
Maturity: October 1, 2023
Event: default

Exact text from the filing

Uptown Loan. The estimated payoff amount was listed as approximately $18.8 million, net of escrows and reserves, which included an outstanding principal balance of approximately $14.4 million and approximately $6.5 million of default interest. On December 1, 2023, Whitestone Uptown Tower issued a press release relating to the filing, a copy of which is attached hereto

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Source: SEC EDGAR

accession 0001437749-23-033430

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