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Generation Income Properties Announces Increased Commitment from American Momentum Bank to $50 Million
--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIP” or the “Company”) announced the signing of a commitment letter to increase its credit
About this update from Generation Income Properties Inc.
[{"type":"text","content":"--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIP” or the “Company”) announced the signing of a commitment letter to increase its credit commitment from American Momentum Bank to $50 million. The commitment will be utilized by Generation Income Properties, L.P., the operating partnership of GIP, to fund the acquisition of individual income-producing real estate properties. The increased commitment will become effective contingent on the Company completing a future capital raise of $25.0 million or more, and prior to any such capital raise, the existing $25.0 million credit commitment from American Momentum Bank will remain in place. “Generation Income Properties has continually performed as promised and we're excited to increase our commitment to this growing company to $50 million. The expansion of our commitment proves that we have continued faith in GIPR's management and the company's ability to source credit-worthy, stable properties,” said Porter Smith, Tampa Bay Market President of American Momentum Bank. David Sobelman, President and CEO of GIPR noted, \"Our recent refinance of seven properties brought our balance to zero with American Momentum Bank, and that performance allowed us to begin preparing for additional expansion of our portfolio. Our relationship with American Momentum Bank has been paramount to our successes, and we're very happy that they saw that increasing their commitment to GIPR will be beneficial for all of GIPR's stakeholders.\" About Generation Income Properties Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate corporation formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial net lease properties located primarily in densely populated submarkets throughout the United States. The Company intends to elect to be taxed as a real estate investment trust. Additional information about Generation Income Properties, Inc. can be found at the Company’s corporate website: www.gipreit.com. About American Momentum Bank American Momentum Bank, a Texas-chartered banking association with total assets of $2.8 billion as of March 31, 2022, provides comprehensive products and services for businesses and individuals. American Momentum Bank has 18 full-service banking centers in Texas and nine...