Belpointe PREP subsidiary enters $56.3M mezzanine loan at 13% for 1991 Main project

Belpointe PREP, LLC

Indirect majority-owned subsidiary borrowed up to $56.3M from Southern Realty Trust Holdings at 13% per annum.
Loan secured by investment in 1991 Main Street, Sarasota, FL; matures May 12, 2027 with one-year extension option.
Company provided debt service, completion, and carveout guarantees; financial covenants require liquid assets >= $20M and net worth >= $130M.
Loan proceeds used for development costs and to reimburse previously incurred expenses for 1991 Main.
Second modification agreement with Bank OZK (existing $130M mortgage lender) consented to the mezzanine loan.

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

Belpointe PREP, LLC entered into Mezzanine Loan Agreement with Southern Realty Trust Holdings, LLC valued at up to $56.3 million (effective 2024-01-31).

Action: entry
Agreement: credit facility
Counterparty: Southern Realty Trust Holdings, LLC
Value: up to $56.3 million
Effective: 2024-01-31

Exact text from the filing

On January 31, 2024, an indirect majority-owned subsidiary (the “Borrower”) of Belpointe PREP, LLC (the “Company” “we,” “us” or “our”) entered into a mezzanine loan agreement (the “Mezzanine Loan Agreement”) with Southern Realty Trust Holdings, LLC (the “Lender”), for up to $56.3 million in principal amount (the “Mezzanine Loan”).

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Belpointe PREP, LLC filing history →

Source: SEC EDGAR

accession 0001493152-24-005955

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