SILVER STAR PROPERTIES REIT, INC: going-concern / distress — Silver Star SPE files Ch 11; $217M loan default triggered; shift to self-storage

SILVER STAR PROPERTIES REIT, INC

Hartman SPE LLC filed Chapter 11 bankruptcy on Sept 13, 2023, in Delaware.
Filing triggers default on $217M SASB loan with Goldman Sachs; loan matures Oct 9, 2023.
Company sold eight assets in 2023 for net proceeds over $108M; $131M assets under contract.
Strategy to redeploy into self-storage; CEO Steve Treadwell recently appointed.
Filing aims to complete orderly asset sales and refinancing despite dissident holder interference.

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

SILVER STAR PROPERTIES REIT, INC reported a default on term loan of $217 million with Goldman Sachs Mortgage Company maturing October 9, 2023.

Instrument: term loan
Principal: $217 million
Counterparty: Goldman Sachs Mortgage Company
Maturity: October 9, 2023
Event: default

Exact text from the filing

The Bankruptcy Filing constitutes an event of default (unless and until waived by Lender in writing in its sole discretion) under the SPE’s single asset, single borrower term loan agreement with Goldman Sachs Mortgage Company (the “SASB Loan”). The SASB Loan has a current outstanding principal amount of $217 million and, subject to the event of default triggered by the Bankruptcy Filing, the SASB Loan matures on October 9, 2023.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.96

SILVER STAR PROPERTIES REIT, INC entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-09-13).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-09-13

Exact text from the filing

On September 13, 2023, Hartman SPE, LLC (the “SPE”), a subsidiary of Hartman XX Limited Partnership, a Texas limited partnership (the “Operating Partnership”), filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware, Case No. 23-1145 (the “Bankruptcy Filing”).

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41 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001446687-23-000050

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