Medalist Diversified, Inc. (MDRR): M&A transaction — Medalist Diversified REIT completes sale of Hanover Square North for $13M; nets $2.65M cash

Medalist Diversified, Inc.

Sold 84% tenant-in-common interest in Hanover Square North, Mechanicsville, VA, for $13,000,000.
Net cash from sale of its interest: approximately $2,520,000 after retiring $9,511,030 mortgage and closing costs.
Including lender reserve release, total unrestricted cash generated approximately $2,647,000.
Sale completed March 13, 2024; buyer is an unaffiliated third party.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Medalist Diversified, Inc. completed a disposition involving an unaffiliated purchaser for $13,000,000 (closed 2024-03-13).

Action: disposition
Counterparty: an unaffiliated purchaser
Consideration: $13,000,000
Closing: 2024-03-13

Exact text from the filing

into the same agreement to sell its 16% tenant-in-common interest. On March 13, 2024, the Company completed the sale of the Hanover Square Property. The property sold for $13,000,000. After credits for repairs of $85,000, retiring the mortgage payable of $9,511,030, and payment of closing costs, the Company realized approximately $2,520,000 in net cash from

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Medalist Diversified, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-003238

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