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Strategic Realty Trust Sells Morningside Marketplace in Fontana, California

November 3, 2017

Strategic Realty Trust Sells Morningside Marketplace in Fontana, California

November 2, 2017 | James Sprow | Blue Vault

Worm eye view shot of businessmen handshaking.acquisition concep

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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