MacKenzie Realty Capital, Inc. (MKZR): debt financing — MacKenzie Realty Capital secures $3M secured loan facility to fund non-traded REIT share purchases

MacKenzie Realty Capital, Inc.

Entered Note Purchase Agreement with Streeterville Capital for up to $3,270,000 in secured promissory notes; initial net funding of $1,000,000.
Loan carries 18-month maturity, OID of $90,000, and $25,000 transaction expense amount; prepayment premium 107% within 90 days.
Proceeds will fund purchase of discounted non-traded REIT shares; recent Starwood REIT tender at $15.30/share (~33% discount to NAV).
Collateral includes security interest in MRC QRS assets and stock pledge of MRC QRS common shares; MRC QRS guarantees the loan.

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 loan of $1,115,000 with Streeterville Capital, LLC maturing 18 months after the date that the Initial Purchase Price is delivered by the Investor to the Company (the "Purchase Price Date").

Instrument: loan
Principal: $1,115,000
Counterparty: Streeterville Capital, LLC
Maturity: 18 months after the date that the Initial Purchase Price is delivered by the Investor to the Company (the "Purchase Price Date")
Event: incurrence

Exact text from the filing

On June 11, 2020, the Company issued, pursuant to the Note Purchase Agreement, the Secured Promissory Note #1 (the "Secured Note") in the principal amount of $1,115,000 in favor of the Investor.

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Source: SEC EDGAR

accession 0001550913-25-000098

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