Broad Street Realty, Inc. Announces Modification of Loan Agreement
December 16, 2020 at 03:00 am IST
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Broad Street Realty, Inc. and certain of its subsidiaries entered into an Allonge and Modification Agreement related to the Loan Agreement, dated as of December 27, 2019 and amended on May 10, 2020 by and among MVB Bank, Inc., as lender, the Company, Broad Street Operating Partnership, LP and Broad Street Realty, LLC, as borrowers, and BSV Cromwell Land LLC, a subsidiary of the Company, and Michael Z. Jacoby, the Company’s chairman and chief executive officer, as guarantors. As previously disclosed, the Loan Agreement provides for a $6.5 million loan, (i) consisting of a $4.5 million term loan, which matures on December 27, 2022, and (ii) a $2.0 million revolving credit facility, which was scheduled to mature on December 27, 2020. The Modification Agreement, among other things, extends the maturity date of the MVB Credit Facility to December 27, 2021 and provides that the requirements to comply with certain financial covenants under the Loan Agreement will begin as of June 30, 2021 or December 31, 2021, as applicable, rather than September 30, 2020. In addition, the Modification Agreement eliminates the revolving nature of the MVB Credit Facility, and requires the repayment of $250,000 under the MVB Credit Facility on each of (a) the earlier of March 31, 2021 or the closing date of the Company’s pending mergers with BSV Spotswood Investors LLC and BSV Highlandtown Investors LLC and (b) the earlier of September 30, 2021 or the closing date of the Company’s pending merger with BSV Greenwood Investors LLC.
Broad Street Realty, Inc. is a fully integrated and self-managed real estate company. The Company is focused on owning and managing essential grocery-anchored and mixed-use assets located in densely populated technology employment hubs and higher education centers within the Mid-Atlantic, Southeast, and Colorado markets. The services offered by the Company include tenant representation, investment and user sales, property management, consulting services, asset management, development/project management, and property listings. In addition, it provides commercial real estate brokerage services for its own portfolio and third-party office, industrial and retail operators and tenants. The Companyâs portfolio of properties includes Avondale Shops, Brookhill Azalea Shopping Center, Coral Hills Shopping Center, Crestview Square, Cromwell Field Shopping Center, Highlandtown Village Shopping Center, Lamar Station Plaza, Hollinswood Shopping Center, The Shops at Greenwood Village, among others.