Sterling Real Estate Trust: debt financing — Sterling Real Estate Trust enters $10M revolving note at 5.25% due Dec 2025

Sterling Real Estate Trust

Borrower Sterling Properties, LLLP draws up to $10M from affiliate Sterling Office and Industrial Properties, LLLP.
Note bears variable initial rate of 5.25%, interest-only monthly payments starting April 10, 2025.
Maturity date December 31, 2025; lender has call option on 30 days' notice.
The Company guarantees the note; prepayment permitted without penalty.
Related-party transaction: Borrower and Lender are both controlled by Sterling Real Estate Trust.

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

Sterling Real Estate Trust incurred revolving credit of $10,000,000 with Sterling Office and Industrial Properties, LLLP at 5.25%.

Instrument: revolving credit
Principal: $10,000,000
Counterparty: Sterling Office and Industrial Properties, LLLP
Rate: 5.25%
Event: incurrence

Exact text from the filing

On February 26, 2025, Sterling Real Estate Trust (the "Company"), through its operating partnership, Sterling Properties L.L.L.P. (the "Borrower") entered into a promissory note with Sterling Office and Industrial Properties, LLLP (the "Lender") pursuant to which the Borrower [has borrowed/borrow up to] the principal amount of $10,000,000 from the Lender.

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Source: SEC EDGAR

accession 0001558370-25-002034

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