Lodging Fund REIT III, Inc.: debt financing — Lodging Fund REIT III amends credit lines, refinances $11.5M property loan with $11.2M new loan

Lodging Fund REIT III, Inc.

A-1 Line of Credit (affiliate) increased to $13.3M, secured by 1.33M LP units; $9.2M outstanding as of April 24.
Western State Bank line of credit maturity extended from April 15 to June 15, 2023; $5.0M outstanding.
Original $11.5M RIFC loan (affiliate) refinanced: Tranche 1 repaid, Tranche 2 forgiven, Tranche 3 remains unsecured.
New $11.2M RIFC loan from Access Point Financial (non-affiliate) at SOFR+6.25%, matures May 4, 2025 with up to three 1-year extensions.
New loan interest-only through May 2025; prepayment penalty of 24 months of interest during first 25 months; $112,000 exit fee.

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

Lodging Fund REIT III, Inc. incurred loan of $11.2 million with Access Point Financial, LLC at 30-day secured overnight financing rate plus 6.25% maturing May 4, 2025.

Instrument: loan
Principal: $11.2 million
Counterparty: Access Point Financial, LLC
Rate: 30-day secured overnight financing rate plus 6.25%
Maturity: May 4, 2025
Event: incurrence

Exact text from the filing

On April 18, 2023, pursuant to the Loan Agreement, dated as of April 18, 2023 (the “New RIFC Loan Agreement”), the Borrower entered into a new $11.2 million loan with Access Point Financial, LLC (the “New RIFC Lender”), which is secured by the Residence Inn Fort Collins (the “New RIFC Loan”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lodging Fund REIT III, Inc. amended Western Line of Credit with Corey Maple valued at Extended maturity date to June 15, 2023 (effective 2023-04-15).

Action: amendment
Agreement: credit facility
Counterparty: Corey Maple
Value: Extended maturity date to June 15, 2023
Effective: 2023-04-15

Exact text from the filing

On April 15, 2023, the Operating Partnership, the Company and Corey Maple entered into a Change in Terms Amendment (the “Western Amendment”) in connection with the Western Line of Credit. The Western Amendment extends the maturity date of the Western Line of Credit from April 15, 2023 to June 15, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lodging Fund REIT III, Inc. amended A-1 Line of Credit with Legendary A-1 Bonds, LLC valued at Increased to $13.3 million (effective 2023-04-18).

Action: amendment
Agreement: credit facility
Counterparty: Legendary A-1 Bonds, LLC
Value: Increased to $13.3 million
Effective: 2023-04-18

Exact text from the filing

On April 18, 2023, the Operating Partnership, the Company and the A-1 Lender entered into a Change in Terms Amendment (the “Amendment”) in connection with the A-1 Line of Credit. The Amendment increased the A-1 Line of Credit to $13.3 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lodging Fund REIT III, Inc. terminated Original RIFC Loan with Legendary A-1 Bonds, LLC valued at $11.5 million loan (effective 2023-04-18).

Action: termination
Agreement: credit facility
Counterparty: Legendary A-1 Bonds, LLC
Value: $11.5 million loan
Effective: 2023-04-18

Exact text from the filing

(the “Company”), entered into a $5.0 million revolving line of credit loan agreement dated as of August 10, 2022 (the “A-1 Line of Credit”) with Legendary A-1 Bonds, LLC (the “A-1 Lender”). The A-1 Lender is an affiliate of Legendary Capital REIT III, LLC, the Company’s external advisor (the “Advisor”), which is owned by Norman Leslie and Corey Maple, each a director and executive officer of the Company and principal of the Advisor.

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Source: SEC EDGAR

accession 0001558370-23-006533

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