SILVER STAR PROPERTIES REIT, INC: M&A transaction — Silver Star Properties REIT acquires Delray Beach self-storage facility for $26.5 million

SILVER STAR PROPERTIES REIT, INC

Acquired 907-unit, 81,370 sq ft Class A facility in Delray Beach, FL for $26.5M from unrelated third party.
Financed with $15.53M term loan (SOFR+3.5%, 2-year maturity) and $11.8M draw under existing junior loan.
Fourth self-storage acquisition as part of pivot strategy; identified as 1031 replacement property for legacy asset sales.
Loan guaranteed by company and affiliates Silver Star CRE LLC and Silver Star CRE II LLC.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SILVER STAR PROPERTIES REIT, INC completed an acquisition involving an unrelated third party for $26.5 million (closed 2024-07-19).

Action: acquisition
Counterparty: an unrelated third party
Consideration: $26.5 million
Closing: 2024-07-19

Exact text from the filing

property acquisition of a 907 unit, 81,370 square feet Class A facility located in Delray Beach, Florida. The Delray Beach storage facility was acquired at a cost of $26.5 million from an unrelated third party. Concurrent with the acquisition, an affiliate of the Company entered into a term loan agreement (the "Delray Loan Agreement" or “Loan”). Pursuant

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Source: SEC EDGAR

accession 0001628280-24-033012

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