PROCACCIANTI HOTEL REIT, INC. (PRXA) Form 8-K — Oct 23, 2026
Procaccianti Hotel REIT's subsidiary PHR TCI, LLC amended its $15.6 million mortgage loan on the Hotel Indigo in Traverse City, Michigan with Beacon Bank & Trust, increasing the maximum principal by $1.75 million to $17.35 million. The amendment extends maturity from June 6, 2027 to June 6, 2028, with two 12-month extension options available subject to a 1.50:1 debt service coverage ratio and $17,350 extension fees. The loan bears a fixed 6.50% rate through June 2027, then adjusts to the 1-year Treasury plus 2.50%, and the new funds will help pay for hotel renovations.
Key figures
- Debt Amount
- 1750000
- Interest Rate
- 6.5
- Maturity Date
- 2028-06-06
- K share accrual
- 677851
- Dscr requirement
- 1.50:1
- Modification fee
- 10000
- Extension options
- two 12-month options to June 6, 2029 and June 6, 2030
- K i share accrual
- 256731
- New max principal
- 17350000
- Extension fee each
- 17350
- Post june 2027 rate
- 1-year Treasury CMT + 2.50%
- Original loan amount
- 15600000
- Class k op unit accrual
- 22606
- Distribution accrual rate
- 7% per annum ($0.001917808 per share/unit per day)
AI analysis
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