---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-017622"
form_type: "8-K/A"
ticker: "OZ"
cik: "0001807046"
company_name: "Belpointe PREP, LLC"
filed_at: "2025-10-09T23:59:59+00:00"
generated_at: "2026-05-17T04:13:44.639563+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Belpointe OZ secures $204M refinancing for Aster & Links; saves millions annually

## Summary
- Refinanced $204.14M loan with Affinius Capital affiliate; initial advance of $172.83M closed Sept 29, 2025.
- Proceeds used to repay existing Bank OZK construction loan and Southern Realty Trust mezzanine loan.
- Variable-rate: Term SOFR + 2.55% (3.25% floor), interest-only, matures Oct 2027 with two one-year extensions.
- Over 50% of residential units leased; proceeds support lease-up and stabilization of the 424-unit mixed-use property.
- Company estimates multiple millions in annual interest savings from the refinance.

## SEC filing metadata
- accession: 0001493152-25-017622
- form_type: 8-K/A
- ticker: OZ
- cik: 0001807046
- company_name: Belpointe PREP, LLC
- filed_at: 2025-10-09T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1807046/000149315225017622/0001493152-25-017622-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1807046/000149315225017622/form8-ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-017622
- JSON: https://secwatch.observer/filing/0001493152-25-017622.json
- Plain text: https://secwatch.observer/filing/0001493152-25-017622.txt

## Key facts
- Debt Financings
  Belpointe PREP, LLC incurred loan of up to approximately $204.14 million in aggregate principal amount with SM Finance III LLC at Term SOFR (as defined in the Loan Agreements), subject to a 3.25% floor, plus (i maturing October 11, 2027.
  - Instrument: loan
  - Principal: up to approximately $204.14 million in aggregate principal amount
  - Counterparty: SM Finance III LLC
  - Rate: Term SOFR (as defined in the Loan Agreements), subject to a 3.25% floor, plus (i
  - Maturity: October 11, 2027
  - Event: incurrence
  source text: On September 29, 2025, we, through our indirect majority-owned subsidiaries, BPOZ 1991 Main, LLC, a Delaware limited liability company (“BPOZ 1991 Main”), and BP Mezz 1991 Main, LLC, a Delaware limited liability company and holding company for BPOZ 1991 Main (“BP Mezz 1991 Main” and, together with BPOZ 1991 Main, the “Borrowers”), entered into a variable-rate mortgage loan agreement (the “1991 Main Mortgage Loan Agreement”) and variable-rate mezzanine loan agreement (the “1991 Main Mezzanine Loan Agreement” and, together with the 1991 Main Mortgage Loan Agreement, and all other agreements and instruments executed by the Borrowers or the Company in connection therewith, the “Loan Agreements”) with SM Finance III LLC, a Delaware limited liability company (the “Lender”), for up to approximately $204.14 million in aggregate principal amount (the “Loans”), of which a total of approximately $172.83 million was advanced at the closing (the “Initial Advance”). The Loans bear interest at a fluc
  evidence_url: https://www.sec.gov/Archives/edgar/data/1807046/000149315225017622/0001493152-25-017622-index.htm

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