Strategic Realty Trust Sells Morningside Marketplace in Fontana, California
November 2, 2017 | James Sprow | Blue Vault
On November 1, 2017, Strategic Realty Trust sold an approximately 76,900 square foot retail property located in Fontana, California (“Morningside Marketplace”) to an unrelated third party for $12.7 million. The proceeds were used to pay down amounts outstanding under a credit facility with KeyBank.
On February 17, 2017, the operating partnership of Strategic Realty Trust, Inc., a nontraded REIT, entered into an amended revolving credit agreement, increasing the maximum aggregate commitment under the credit facility from $30 million to $60 million.
On October 31, 2017, the REIT, under the Amended and Restated Credit Facility with KeyBank borrowed $26.0 million, and used the proceeds to repay the existing secured financing that encumbered the following properties: The Shops at Turkey Creek, Morningside Marketplace, Florissant Marketplace, Ensenada Square and Cochran Bypass. The total amount of the repayment was $25.4 million, which included a payment of yield maintenance due upon prepayment of $1.4 million. In connection with that borrowing, the Borrower added the following property as additional collateral security under the terms of the Amended and Restated Credit Facility: The Shops at Turkey Creek, Morningside Marketplace, Florissant Marketplace and Ensenada Square.
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