SILVER STAR PROPERTIES REIT, INC: going-concern / distress — Hartman SPE emerges from Chapter 11 with $135M exit facility; plans self-storage pivot

SILVER STAR PROPERTIES REIT, INC

Hartman SPE, an indirect subsidiary, emerged from Chapter 11 on March 27, 2024 after court confirmation on Feb 26, 2024.
Exit facility consists of $120M senior loan from BSPRT CRE Finance and $15M junior loan from RMWC, both maturing April 2026.
Proceeds used to repay existing mortgage debt and fund reserves; all unsecured creditors and tenants paid in full.
Management estimates NAV of $2.70 per common share and OP unit as of Dec 31, 2023, subject to board approval.
Company plans to pivot to self-storage, expecting ~$370M in available funds at 50% LTV for investment.

item 1.01 item 1.03 item 2.03 item 7.01 item 9.01

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 financing event involving guarantee.

Instrument: guarantee

Exact text from the filing

The Company entered into guaranty agreements in favor of the Senior Lender and Junior Lender (each as defined below), whereby the Company, as guarantor, unconditionally guaranties the full and timely performance of the obligations set forth in the loan agreements and all other loan documents, including the payment of all indebtedness and obligations due under the loan agreements.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SILVER STAR PROPERTIES REIT, INC incurred term loan of $15,000,000 with RMWC Silver Star Lending LLC at one-month CME term SOFR plus 15.00%.

Instrument: term loan
Principal: $15,000,000
Counterparty: RMWC Silver Star Lending LLC
Rate: one-month CME term SOFR plus 15.00%
Event: incurrence

Exact text from the filing

On March 27, 2024, CRE and CRE II, as co-borrowers, and RMWC Silver Star Lending LLC (“Junior Lender”) entered into a junior term loan agreement (“Junior Loan Agreement”). Pursuant to the Junior Loan Agreement, the Junior Lender made a term loan to CRE and CRE II in the principal amount of $15,000,000.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SILVER STAR PROPERTIES REIT, INC incurred term loan of $120,000,000 with BSPRT CRE Finance, LLC at one-month CME term SOFR plus 9.38% maturing April 9, 2026.

Instrument: term loan
Principal: $120,000,000
Counterparty: BSPRT CRE Finance, LLC
Rate: one-month CME term SOFR plus 9.38%
Maturity: April 9, 2026
Event: incurrence

Exact text from the filing

On March 27, 2024, CRE and CRE II, as co-borrowers, and BSPRT CRE Finance, LLC (“Senior Lender”) entered into a term loan agreement (“Senior Loan Agreement”). Pursuant to the Senior Loan Agreement, the Senior Lender made a term loan to CRE and CRE II in the principal amount of $120,000,000.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

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

SPE filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on September 13, 2023, commencing Case No. 23-1145 (the “Chapter 11 Case”).

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

SILVER STAR PROPERTIES REIT, INC entered into Junior Loan Agreement with RMWC Silver Star Lending LLC valued at $15,000,000 (effective 2024-03-27).

Action: entry
Agreement: credit facility
Counterparty: RMWC Silver Star Lending LLC
Value: $15,000,000
Effective: 2024-03-27

Exact text from the filing

On March 27, 2024, CRE and CRE II, as co-borrowers, and RMWC Silver Star Lending LLC (“Junior Lender”) entered into a junior term loan agreement (“Junior Loan Agreement”).

View on SEC.gov

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

SILVER STAR PROPERTIES REIT, INC entered into Senior Loan Agreement with BSPRT CRE Finance, LLC valued at $120,000,000 (effective 2024-03-27).

Action: entry
Agreement: credit facility
Counterparty: BSPRT CRE Finance, LLC
Value: $120,000,000
Effective: 2024-03-27

Exact text from the filing

On March 27, 2024, CRE and CRE II, as co-borrowers, and BSPRT CRE Finance, LLC (“Senior Lender”) entered into a term loan agreement (“Senior Loan Agreement”).

View on SEC.gov

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

Source: SEC EDGAR

accession 0001446687-24-000069

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