SILVER STAR PROPERTIES REIT, INC: debt financing — Silver Star defaults on $57.75M Walgreens loan; reaches forbearance and refinancing term sheet with JPMorgan

SILVER STAR PROPERTIES REIT, INC

Loan matured Aug 9, 2025; lender declared default on Aug 13 for failure to pay $50.3M outstanding balance.
Foreclosure sales of collateral properties cancelled Aug 29 after cease-fire agreement with lender BSP.
Forbearance agreement in principle reached Aug 27; refinancing term sheet with JPMorgan Chase executed same day.
Dispute continues over prior default for non-independent annual financial statements; company denies validity.
TRO granted Aug 4 in Texas state court against BSP; extended Aug 12; lender liability claims filed.

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 $50,322,130 with lender at 6.00% per annum maturing August 9, 2025.

Instrument: term loan
Principal: $50,322,130
Counterparty: lender
Rate: 6.00% per annum
Maturity: August 9, 2025
Event: default

Exact text from the filing

remedies of lender under the Walgreens Loan Agreement that the outstanding principal balance shall accrue interest at the default rate. The outstanding balance of the Loan is $50,322,130. In addition to other terms and conditions set forth in the Walgreens Loan Agreement and the other documents executed in connection therewith, the Loan is secured by the

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.7

SILVER STAR PROPERTIES REIT, INC reported a default on term loan of $50,322,130 with lender.

Instrument: term loan
Principal: $50,322,130
Counterparty: lender
Event: default

Exact text from the filing

remedies of lender under the Walgreens Loan Agreement that the outstanding principal balance shall accrue interest at the default rate. The outstanding balance of the Loan is $50,322,130. In addition to other terms and conditions set forth in the Walgreens Loan Agreement and the other documents executed in connection therewith, the Loan is secured by the

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Source: SEC EDGAR

accession 0001446687-25-000132

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