--- schema_version: "secwatch.filing_event.v1" accession: "0001558370-24-004592" form_type: "8-K" ticker: null cik: "0001745032" company_name: "Lodging Fund REIT III, Inc." filed_at: "2024-04-02T23:59:59+00:00" generated_at: "2026-06-04T03:41:44.268150+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.55 calibrated_materiality_score: 0.55 confidence: "high" source: SEC EDGAR --- # Lodging Fund REIT III increases affiliate line of credit to $15.5M, refinances $12.61M Lakewood loan ## Summary - 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. ## SEC filing metadata - accession: 0001558370-24-004592 - form_type: 8-K - cik: 0001745032 - company_name: Lodging Fund REIT III, Inc. - filed_at: 2024-04-02T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.55 - calibrated_materiality_score: 0.55 - confidence: high - sec_items: 1.01, 2.03, 1.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/0001558370-24-004592-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327x8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001558370-24-004592 - JSON: https://secwatch.observer/filing/0001558370-24-004592.json - Plain text: https://secwatch.observer/filing/0001558370-24-004592.txt ## Key facts - Debt Financings 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 source text: 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") evidence_url: https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/0001558370-24-004592-index.htm - Debt Financings 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/0001558370-24-004592-index.htm - Debt Financings 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/0001558370-24-004592-index.htm - Material Agreements Lodging Fund REIT III, Inc. terminated Original Lakewood Loan. - Action: termination - Agreement: credit facility source text: The Borrower used the proceeds of the New Lakewood Loan to repay the Original Lakewood Loan described in Item 1.02 above. evidence_url: https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/0001558370-24-004592-index.htm - Material Agreements Lodging Fund REIT III, Inc. entered into New Lakewood Guaranty with New Lakewood Lender. - Action: entry - Counterparty: New Lakewood Lender source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/0001558370-24-004592-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/0001558370-24-004592-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.