secwatch.observer — SEC 8-K summary
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Issuer:     Lodging Fund REIT III, Inc. (—)
CIK:        0001745032
Form:       8-K
Filed at:   2023-04-24T23:59:59+00:00
Accession:  0001558370-23-006533
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 1.02
LLM model:  deepseek-v4-flash:cloud@v2

Lodging Fund REIT III amends credit lines, refinances $11.5M property loan with $11.2M new loan
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1745032/000155837023006533/0001558370-23-006533-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1745032/000155837023006533/lfr-20230418x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-006533

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