Belpointe PREP (OZ) has released an update.
Belpointe PREP, LLC has secured a $56.3 million mezzanine loan from Southern Realty Trust Holdings, LLC at a 13% annual interest rate, using their Sarasota property as collateral. This loan, maturing in 2027 with a possible one-year extension, will fund the development of their 1991 Main Street project. Belpointe has also provided extensive guarantees and indemnities, including a commitment to maintain substantial liquid assets and net worth, while obtaining consent from Bank OZK for the loan in alignment with a pre-existing mortgage agreement.
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