Loan & DebtMay 12, 2026, 09:32 AM
Procaccianti Hotel REIT Subsidiary Loan Rate Cut to 6.50%
AI Summary
Procaccianti Hotel REIT, Inc.'s wholly-owned subsidiary, PHR TCI, LLC, entered into a Change in Terms Agreement with Beacon Bank & Trust for its Refinancing Loan. The interest rate for the $15.6 million loan, secured by the Hotel Indigo Traverse City, was reduced to a fixed 6.50% per annum for the remainder of its term, which matures on June 6, 2027. Other material terms of the loan remain unchanged.
Key Highlights
- Interest rate on Refinancing Loan reduced to a fixed 6.50% per annum.
- Applies to the loan for the Hotel Indigo Traverse City property.
- Outstanding principal balance of the loan remains $15,600,000.
- The loan's maturity date is June 6, 2027.
- Change in Terms Agreement became effective on May 6, 2026.
- Lender is Beacon Bank & Trust, successor by merger to Berkshire Bank.
Price Impact
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