---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-016912"
form_type: "8-K"
ticker: "OZ"
cik: "0001807046"
company_name: "Belpointe PREP, LLC"
filed_at: "2025-10-03T23:59:59+00:00"
generated_at: "2026-05-17T04:48:28.304778+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Belpointe PREP enters $163.3M mortgage and $40.8M mezzanine loans for Sarasota project

## Summary
- Mortgage loan up to $163.3M; initial advance $138.3M; SOFR + 1.5% interest.
- $114.1M of mortgage used to refinance existing construction loan with Bank OZK.
- Mezzanine loan up to $40.8M; SOFR + 6.75% interest; $34.6M plus $17.1M from mortgage to refinance Southern Realty Trust Holdings mezzanine.
- Both loans mature Oct 11, 2027, with two one-year extension options.
- Proceeds also for leasing non-residential space, capital expenditures, and debt service.

## SEC filing metadata
- accession: 0001493152-25-016912
- form_type: 8-K
- ticker: OZ
- cik: 0001807046
- company_name: Belpointe PREP, LLC
- filed_at: 2025-10-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1807046/000149315225016912/0001493152-25-016912-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1807046/000149315225016912/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-016912
- JSON: https://secwatch.observer/filing/0001493152-25-016912.json
- Plain text: https://secwatch.observer/filing/0001493152-25-016912.txt

## Key facts
- Debt Financings
  Belpointe PREP, LLC incurred mortgage of up to $163.3 million with SM Finance III LLC at Term SOFR plus 1.5% maturing October 11, 2027.
  - Instrument: mortgage
  - Principal: up to $163.3 million
  - Counterparty: SM Finance III LLC
  - Rate: Term SOFR plus 1.5%
  - Maturity: October 11, 2027
  - Event: incurrence
  source text: entered into a variable-rate mortgage loan agreement (the “1991 Main Mortgage Loan Agreement”) with SM Finance III LLC, a Delaware limited liability company (the “Lender”), for up to $163.3 million in principal amount (the “1991 Main Mortgage Loan”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1807046/000149315225016912/0001493152-25-016912-index.htm
- Debt Financings
  Belpointe PREP, LLC incurred loan of up to $40.8 million with SM Finance III LLC at Term SOFR plus 6.75% maturing October 11, 2027.
  - Instrument: loan
  - Principal: up to $40.8 million
  - Counterparty: SM Finance III LLC
  - Rate: Term SOFR plus 6.75%
  - Maturity: October 11, 2027
  - Event: incurrence
  source text: entered into a mezzanine loan agreement (the “1991 Main Mezzanine Loan Agreement”) with the Lender, for up to $40.8 million in principal amount (the “1991 Main Mezzanine Loan”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1807046/000149315225016912/0001493152-25-016912-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.