Smith-Midland issues $2.8M promissory note at 4.09% for Virginia real estate

SMITH MIDLAND CORP

$2,805,000 note payable to Summit Community Bank, fixed 4.09% interest rate, 15-year term.
Monthly principal and interest payments of $20,956; loan matures February 10, 2037.
Collateralized by first lien on approximately 29.8 acres in Midland, VA acquired earlier.
Covenants limit annual capital expenditures to $3.5M and require tangible equity of $10.0M.

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