Lodging Fund REIT III, Inc.: debt financing — Lodging Fund REIT III extends Holiday Inn El Paso loan to May 2024, reduces principal by $300K

Lodging Fund REIT III, Inc.

Original $7.9M loan due May 15, 2023 modified to extend maturity to May 15, 2024.
Borrower paid down $300K, reducing outstanding principal to $7.6M.
Additional condition: deposit $819,674 into FF&E reserve account held by lender.
Operating Partnership amended contribution agreement to allow adjustment for Contributor's Series T unit conversion if needed.
Other material loan terms remain unchanged.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Lodging Fund REIT III, Inc. amended loan of $7.6 million with EPH Development Fund LLC maturing May 15, 2024.

Instrument: loan
Principal: $7.6 million
Counterparty: EPH Development Fund LLC
Maturity: May 15, 2024
Event: amendment

Exact text from the filing

the Borrower agreed to pay down $300,000 of the Holiday Inn El Paso Loan, modifying the principal outstanding balance to be $7.6 million. In addition, as a condition to the extension, the Borrower agreed to deposit $819,674 into an FF&E Reserve account held by the Lender.

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Source: SEC EDGAR

accession 0001558370-23-010252

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