--- schema_version: "secwatch.filing_event.v1" accession: "0001446687-24-000069" form_type: "8-K" ticker: null cik: "0001446687" company_name: "SILVER STAR PROPERTIES REIT, INC" filed_at: "2024-04-02T23:59:59+00:00" generated_at: "2026-06-04T03:26:50.362340+00:00" event_type: "other_material" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Hartman SPE emerges from Chapter 11 with $135M exit facility; plans self-storage pivot ## Summary - 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. ## SEC filing metadata - accession: 0001446687-24-000069 - form_type: 8-K - cik: 0001446687 - company_name: SILVER STAR PROPERTIES REIT, INC - filed_at: 2024-04-02T23:59:59+00:00 - event_type: other_material - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 1.03, 2.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1446687/000144668724000069/0001446687-24-000069-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1446687/000144668724000069/fil-20240327.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001446687-24-000069 - JSON: https://secwatch.observer/filing/0001446687-24-000069.json - Plain text: https://secwatch.observer/filing/0001446687-24-000069.txt ## Key facts - Debt Financings SILVER STAR PROPERTIES REIT, INC reported a financing event involving guarantee. - Instrument: guarantee source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1446687/000144668724000069/0001446687-24-000069-index.htm - Debt Financings 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1446687/000144668724000069/0001446687-24-000069-index.htm - Debt Financings 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1446687/000144668724000069/0001446687-24-000069-index.htm - Distress & Bankruptcy 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1446687/000144668724000069/0001446687-24-000069-index.htm - Material Agreements 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1446687/000144668724000069/0001446687-24-000069-index.htm - Material Agreements 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1446687/000144668724000069/0001446687-24-000069-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.