Loan & DebtJul 30, 2026, 10:42 AM
Stewards Secures $79M in Loans, $5M Convertible Note
AI Summary
Stewards, Inc. announced the closing of significant financing activities totaling $84 million. This includes a $69.0 million senior secured loan and a $10.0 million mezzanine loan for the refinancing of its Block 40 / 1818 Park multifamily property. Additionally, the company secured a $5.0 million secured convertible note financing, accompanied by common stock purchase warrants. These transactions aim to bolster the company's financial position and support its operations.
Key Highlights
- Secured a $69.0 million senior loan for the refinancing of the Block 40 / 1818 Park property.
- Senior loan features interest at Term SOFR plus 3.50% (reducing to 3.00%) and matures August 7, 2028.
- Obtained a $10.0 million mezzanine loan for the same property, maturing August 7, 2028.
- Mezzanine loan interest is Term SOFR plus 12.00% (floor 14.50%), reducing to 10.50% (floor 14.00%).
- Closed a $5.0 million secured convertible note financing with three accredited investors.
- Convertible notes carry a 15% annual interest rate and mature in 180 days.
- Convertible notes automatically convert into common stock at $3.00 per share at maturity.
- The loans and notes are guaranteed by Stewards, Inc. and certain affiliates.
Price Impact
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