Medalist Diversified REIT acquires Pensacola property for $14.5M via new $14.7M line of credit

Medalist Diversified, Inc.

Acquired 42,461 sq ft building on 3.498 acres in Pensacola, FL for total purchase price $14,544,504.
Property was extensively renovated immediately prior to acquisition, changing use from trade college to automotive sales/service/distribution.
Funded by new $14.7M line of credit from Farmers and Merchants Bank, cross-collateralized by the acquired property and three other properties.
Line of credit floating rate at prime with floor 6.25%; current rate 7.25%.

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