Loan & DebtMay 15, 2026, 04:29 PM
J.W. Mays Secures $8M Loan for Fishkill Property Expansion
AI Summary
J.W. Mays, Inc. entered into an $8,000,000 loan agreement with Beacon Bank & Trust, secured by a first lien mortgage on its Fishkill, New York property. The company intends to use the loan proceeds to construct expansion rentable space at the Fishkill Property for an existing tenant. The loan features a floating interest rate during the advance period (WSJ Prime + 100 bps, min 7.25%) and a different floating rate during the amortization period (FHLB 5-year + 225 bps, min 6.00%), with a balloon payment due on May 1, 2036.
Key Highlights
- J.W. Mays secured an $8,000,000 non-revolving line of credit and building loan.
- The loan is secured by a first lien mortgage on the company's Fishkill, New York property.
- Proceeds will be used to construct expansion rentable space at the Fishkill Property.
- Advance Period (May 2026-May 2027) interest rate: WSJ Prime + 100 bps, minimum 7.25%.
- Amortization Period (May 2027-May 2036) interest rate: FHLB 5-year + 225 bps, minimum 6.00%.
- The loan matures on May 1, 2036, with a balloon payment.
- J.W. Mays must maintain $1,000,000 minimum balance in accounts with the Lender.
- A $350,000 interest reserve account was established at closing.
Price Impact
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