Lodging Fund REIT III, Inc.: debt financing — Lodging Fund REIT III increases affiliate line of credit to $15.5M, refinances $12.61M Lakewood loan

Lodging Fund REIT III, Inc.

Fourth Amendment raises A-1 Line of Credit to $15.5M from $13.3M; maturity extended to Dec 31, 2024.
New $12.0M Lakewood loan from unaffiliated lender at SOFR+7% (initial 12.327%), matures Oct 2025.
New $4.9M A-1 Lakewood loan from affiliate at 14.5% fixed; secured by 489,680 partnership units.
Original $12.61M Lakewood loan (7.0% fixed) repaid in full; extension fee of $138,450 paid to affiliate.
A-1 Line of Credit now secured by 1,550,000 unissued partnership units; $14.8M outstanding as of Apr 2.

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 $12.0 million with Bluebird Credit EM LLC at SOFR Index plus 7.0% (increasing to 7.5% during the extension of the loan), with maturing October 5, 2025.

Instrument: loan
Principal: $12.0 million
Counterparty: Bluebird Credit EM LLC
Rate: SOFR Index plus 7.0% (increasing to 7.5% during the extension of the loan), with
Maturity: October 5, 2025
Event: incurrence

Exact text from the filing

On March 27, 2024, pursuant to the Loan Agreement dated as of March 27, 2024 (the “New Lakewood Loan Agreement”), the Borrower entered into a new $12.0 million loan with Bluebird Credit EM LLC (the “New Lakewood Lender")

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Lodging Fund REIT III, Inc. incurred loan of up to $4,896,801 with A-1 Lender (Legendary A-1 Bonds, LLC) at 14.5% per annum maturing 2026-03-27.

Instrument: loan
Principal: up to $4,896,801
Counterparty: A-1 Lender (Legendary A-1 Bonds, LLC)
Rate: 14.5% per annum
Maturity: 2026-03-27
Event: incurrence

Exact text from the filing

On March 27, 2024, pursuant to the Loan Agreement dated as of March 27, 2024, the Operating Partnership entered into a new loan in an amount up to $4,896,801 (the “New A-1 Lakewood Loan") with the A-1 Lender

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Lodging Fund REIT III, Inc. amended revolving credit of $15.5 million with Legendary A-1 Bonds, LLC maturing 2024-12-31.

Instrument: revolving credit
Principal: $15.5 million
Counterparty: Legendary A-1 Bonds, LLC
Maturity: 2024-12-31
Event: amendment

Exact text from the filing

The Fourth Amendment extended the maturity date of the A-1 Line of Credit to December 31, 2024 and increased the A-1 Line of Credit to $15.5 million

View on SEC.gov

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

Lodging Fund REIT III, Inc. terminated Original Lakewood Loan.

Action: termination
Agreement: credit facility

Exact text from the filing

The Borrower used the proceeds of the New Lakewood Loan to repay the Original Lakewood Loan described in Item 1.02 above.

View on SEC.gov

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

Lodging Fund REIT III, Inc. entered into New Lakewood Guaranty with New Lakewood Lender.

Action: entry
Counterparty: New Lakewood Lender

Exact text from the filing

Norman Leslie, a director and executive officer of the Company, entered into a Guaranty (the “New Lakewood Guaranty”) with the New Lakewood Lender to guarantee payment when due of the principal amount of indebtedness outstanding, including accrued interest and collection costs and expenses, as further described in the New Lakewood Guaranty.

View on SEC.gov

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

Lodging Fund REIT III, Inc. entered into New A-1 Lakewood Loan with the A-1 Lender valued at an amount up to $4,896,801 (effective 2024-03-27).

Action: entry
Agreement: credit facility
Counterparty: the A-1 Lender
Value: an amount up to $4,896,801
Effective: 2024-03-27

Exact text from the filing

On March 27, 2024, pursuant to the Loan Agreement dated as of March 27, 2024, the Operating Partnership entered into a new loan in an amount up to $4,896,801 (the “New A-1 Lakewood Loan”) with the A-1 Lender, an affiliate of the Company’s Advisor.

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001558370-24-004592

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.