MacKenzie Realty Capital, Inc. (MKZR): debt financing — MacKenzie Realty Capital refinances $9.5M loan for Main Street West property, resolving maturity default

MacKenzie Realty Capital, Inc.

New loan from EverTrust Bank for $9.5M at Prime (currently 7.5%) with 6.5% floor; matures May 30, 2028.
30-year amortization schedule; loan is guaranteed by the Company.
Subsidiary Innovate Napa, LLC master leases 36.2% of property's rentable sq ft, capitalized with $500,000.
Property is 40,000 sq ft retail/professional suites at 1250 Main St, Napa, CA.
Prior loan from First Northern Bank was in maturity default and under forbearance; now paid off.

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

MacKenzie Realty Capital, Inc. incurred mortgage of $9.5 million with Evertrust Bank at The Wall Street Journal Prime Rate, currently 7.5% annually, with a 6.5% floor maturing May 30, 2028.

Instrument: mortgage
Principal: $9.5 million
Counterparty: Evertrust Bank
Rate: The Wall Street Journal Prime Rate, currently 7.5% annually, with a 6.5% floor
Maturity: May 30, 2028
Event: incurrence

Exact text from the filing

The material terms of New Loan are as follows: • The principal amount of the loan is $9.5 million. • The interest rate is equal to The Wall Street Journal Prime Rate, currently 7.5% annually, with a 6.5% floor. • The loan matures on May 30, 2028, with amortization based upon a 30-year repayment schedule.

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Source: SEC EDGAR

accession 0001550913-25-000087

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