Lodging Fund REIT III, Inc.: debt financing — Lodging Fund REIT III amends credit line to $15.5M and refinances Lakewood hotel with $16.9M in new loans

Lodging Fund REIT III, Inc.

Extended A-1 Line of Credit to $15.5M, maturity December 31, 2024, interest rate 14.5% per annum
Terminated $12.61M Original Lakewood Loan, repaid using proceeds from new loans
Entered $12.0M New Lakewood Loan with Bluebird Credit EM LLC at SOFR+7.0%, maturity October 2025
Obtained up to $4.9M New A-1 Lakewood Loan from Legendary A-1 Bonds at 14.5% fixed, due March 2026
Paid $133,000 extension fee on A-1 Line and $138,450 unpaid extension fee on Original Lakewood Loan

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”), which is secured by the 142-room Fairfield Inn and Suites in Lakewood, Colorado (the “New Lakewood Loan”).

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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 at 14.5% per annum maturing December 31, 2024.

Instrument: revolving credit
Principal: $15.5 million
Counterparty: Legendary A-1 Bonds, LLC
Rate: 14.5% per annum
Maturity: December 31, 2024
Event: amendment

Exact text from the filing

On March 27, 2024, the Operating Partnership and the A-1 Lender entered into a Fourth Amendment to the Revolving Line of Credit Loan Agreement (the “Fourth Amendment”) in connection with the A-1 Line of Credit. 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.

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

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

Instrument: loan
Principal: $4,896,801
Counterparty: Legendary A-1 Bonds, LLC
Rate: 14.5% per annum
Maturity: March 27, 2026
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, an affiliate of the Company’s Advisor.

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

Lodging Fund REIT III, Inc. amended Fourth Amendment to the Revolving Line of Credit Loan Agreement with Legendary A-1 Bonds, LLC valued at $15.5 million (effective 2024-03-27).

Action: amendment
Agreement: credit facility
Counterparty: Legendary A-1 Bonds, LLC
Value: $15.5 million
Effective: 2024-03-27

Exact text from the filing

On March 27, 2024, the Operating Partnership and the A-1 Lender entered into a Fourth Amendment to the Revolving Line of Credit Loan Agreement (the “Fourth Amendment”) in connection with the A-1 Line of Credit. 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

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Source: SEC EDGAR

accession 0001558370-24-004769

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