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.

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