secwatch.observer — SEC 8-K summary
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Issuer:     Belpointe PREP, LLC (OZ)
CIK:        0001807046
Form:       8-K
Filed at:   2024-02-13T23:59:59+00:00
Accession:  0001493152-24-005955
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1807046/000149315224005955/0001493152-24-005955-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1807046/000149315224005955/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-005955

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