Gyrodyne secures $1.5M term mortgage loan for working capital

Gyrodyne, LLC

Principal $1.5M from LLYR Resources, LLC; two-year term, floating rate at 1.5% above Wall Street Prime Rate.
Loan secured by first mortgages on Cortlandt Manor, NY properties (1989 & 1987 Crompond Rd; 206 Buttonwood Ave & vacant land).
Company unconditionally guarantees the loan; net proceeds used for general working capital.
Interest payable monthly; loan may be prepaid in whole or in part without prepayment fee.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Gyrodyne, LLC entered into Mortgage Loan with LLYR Resources, LLC valued at $1,500,000 (effective 2023-12-27).

Action: entry
Agreement: credit facility
Counterparty: LLYR Resources, LLC
Value: $1,500,000
Effective: 2023-12-27

Exact text from the filing

the Company, through its subsidiaries GSD Cortlandt, LLC (“GSD Cortlandt”) and Buttonwood Acquisition, LLC (“Buttonwood”), secured a term mortgage loan (the “Mortgage Loan”) on December 27, 2023 in the principal amount of $1,500,000 with LLYR Resources, LLC.

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Gyrodyne, LLC filing history →

Source: SEC EDGAR

accession 0001437749-24-000422

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