Business
Presidio Property Trust Announces Refinancing and Construction Loan
SAN DIEGO, CA / ACCESSWIRE / May 9, 2023 / (NASDAQ:SQFT)(NASDAQ:SQFTP) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / May 9, 2023 / (NASDAQ:SQFT)(NASDAQ:SQFTP) Presidio Property Trust, Inc. (\"Presidio\" or the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today announced that on May 5, 2023, the Company, through its subsidiary, refinanced the mortgage loan on its Grand Pacific Center property and entered into a construction loan related to the building and tenant improvements associated with the major lease recently completed with KLJ Engineering LLC. The refinanced loan is for approximately $3.8 million, a term of 10 years, with an interest rate of 6.35% for the first 60 months. The interest rate is subject to reset in year five. The construction loan is for approximately $2.7 million, a term of 10 years, and will begin amortizing in year three, with an interest rate of 6.35% for the first 60 months. The interest rate is subject to reset in year five.\"We are pleased to announce that we have successfully refinanced the loan on Grand Pacific Center and secured a construction loan to fund significant tenant improvements,\" said Jack Heilbron, President and CEO of Presidio. \"Despite many challenges in the current commercial real estate financing market, we continue to see lender appetite for well-located properties in solid markets.\"About Presidio Property TrustPresidio is an internally managed, diversified REIT with holdings in model home properties which are triple-net leased to homebuilders, office, industrial, and retail properties. Presidio's model homes are leased to homebuilders located in Arizona, Illinois, Texas, Wisconsin, and Florida. Our office, industrial and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing several properties with less staff, it makes us susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. Presidio is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp. (NASDAQ: MURF), which currently holds approximately $23.6 million in trust. Murphy Canyon Acquisition Corp. is a blank check company formed for the ...