[8-K] Sotherly Hotels Inc. Reports Material Event
Sotherly Hotels Inc. reported a secured mortgage loan related to Sotherly Hotels LP with a principal balance of $42.0 million. The loan carries a fixed interest rate of 7.13% and requires interest-only payments through the term. The debt matures on October 6, 2030 and is guaranteed by the Operating Partnership only for traditional "bad boy" acts. Prepayment is restricted: defeasance-based prepayment is permitted after a lockout that ends on the earlier of three years after closing or two years after any securitization, while non-defeasance prepayment is allowed during the final six months of the term. The loan includes customary representations, warranties, covenants and events of default for a mortgage loan.
Sotherly Hotels Inc. ha riferito un mutuo ipotecario garantito relativo a Sotherly Hotels LP con saldo principale di 42,0 milioni di dollari. Il mutuo prevede un tasso di interesse fisso del 7,13% e richiede pagamenti di soli interessi per tutta la durata. La perdita di capitale è prevista al 6 ottobre 2030 ed è garantita dall'Operating Partnership solo per atti di cattivo comportamento tipici ('bad boy acts'). Il rimborso anticipato è soggetto a restrizioni: il rimborso basato su defeasance è consentito dopo un periodo di lockout che termina al più presto tra tre anni dopo la chiusura o due anni dopo qualsiasi cartolarizzazione, mentre il rimborso non defeasato è consentito durante gli ultimi sei mesi della durata. Il mutuo comprende le consuete rappresentazioni, garanzie, covenanti e eventi di default previsti per un mutuo ipotecario.
Los Sotherly Hotels Inc. reportó un préstamo hipotecario garantizado relacionado con Sotherly Hotels LP, con un saldo principal de 42,0 millones de dólares. El préstamo tiene una tasa de interés fija del 7,13% y exige pagos únicamente de intereses durante todo su plazo. La deuda vence el 6 de octubre de 2030 y está garantizada por la Operating Partnership únicamente para actos de 'bad boy' (malos). El prepago está restringido: el prepago basado en defeasance está permitido tras un periodo de lockout que termina al más temprano entre tres años después del cierre o dos años después de cualquier titulización, mientras que el prepago sin defeasance está permitido durante los últimos seis meses del plazo. El préstamo incluye las habituales representaciones, garantías, covenios y eventos de incumplimiento para un préstamo hipotecario.
Sotherly Hotels Inc.는 Sotherly Hotels LP와 관련된 담보 모기지 대출을 보고했으며, 주잔액은 4,200만 달러이다. 대출은 고정 이자율 7.13%를 가지며 기간 동안 이자만 지급한다. 부채는 2030년 10월 6일에 만기되며 운영 파트너십(OP)만 전형적인 'bad boy acts'에 대해 보장된다. 조기상환은 제한되며, defeasance 기반의 조기상환은 종결 후 3년 또는 어떤 유가증권화 후 2년 중 더 이른 시점에 끝나는 lockout 기간이 끝난 뒤 허용되고, defeasance가 아닌 조기상환은 기간의 마지막 6개월 동안 허용된다. 대출에는 모기지 대출에 대한 일반적인 진술, 보증, 약정 및 위반 사건이 포함된다.
Sotherly Hotels Inc. a annoncé un prêt hypothécaire garanti lié à Sotherly Hotels LP, dont le solde principal est de 42,0 millions de dollars. Le prêt porte un taux d'intérêt fixe de 7,13 % et exige des paiements d'intérêts uniquement pendant toute la durée. La dette arrive à échéance le 6 octobre 2030 et est garantie par l'Operating Partnership uniquement pour les actes de type « bad boy ». Le remboursement anticipé est soumis à des restrictions : le remboursement par defeasance est autorisé après une période de lockout qui se termine, au plus tôt, soit trois ans après la clôture, soit deux ans après toute titrisation; tandis que le remboursement sans defeasance est autorisé pendant les six derniers mois de la durée. Le prêt comprend les déclarations, garanties, covenants et événements de défaut habituels pour un prêt hypothécaire.
Sotherly Hotels Inc. meldete einen besicherten Hypothekendarlehen in Verbindung mit Sotherly Hotels LP mit einem Nennsaldo von 42,0 Mio. USD. Das Darlehen weist einen festen Zinssatz von 7,13 % auf und erfordert während der gesamten Laufzeit nur Zinszahlungen. Die Verschuldung läuft am 6. Oktober 2030 aus und wird von der Operating Partnership nur für typische ‚Bad-Boy’-Handlungen garantiert. Vorfälligkeiten sind eingeschränkt: Vorfälligkeitszahlungen auf Defeasance-Basis sind nach einer Sperrfrist zulässig, die spätestens endet, je nachdem, ob drei Jahre nach Abschluss oder zwei Jahre nach jeder Verbriefung zuerst erreicht wird; während vorfällig ohne Defeasance während der letzten sechs Monate der Laufzeit erlaubt ist. Der Kredit enthält übliche Zusicherungen, Gewährleistungen, Vereinbarungen und Ereignisse bei Nichterfüllung, die für einen Hypothekendarlehen üblich sind.
أعلنت شركة Sotherly Hotels Inc. عن قرض رهن عقاري مضمون متعلق بـ Sotherly Hotels LP برصيد رئيسي قدره 42.0 مليون دولار. يتميز القرض بمعدل فائدة ثابت قدره 7.13% ويتطلب دفعات فائدة فحسب طوال المدة. الدين مستحق في 6 أكتوبر 2030 ومضمون بواسطة الشريك التشغيلي فقط لأعمال 'bad boy' النموذجية. القابلية للسداد المسبق مقيدة: السداد المسبق بناءً على الإفشاع (defeasance) مسموح به بعد فترة حظر تنتهي في أقرب وقت إما بعد ثلاث سنوات من الإغلاق أو بعد سنتين من أي عملية إصدار أوراق مالية؛ بينما السداد المسبق بدون إفشاع مسموح به خلال آخر ستة أشهر من المدة. يتضمن القرض العهدات والضمانات والاتفاقيات والأحداث الافتراضية الافتراضية المعتادة لقرض الرهن.
Sotherly Hotels Inc. 报告了与 Sotherly Hotels LP 相关的有抵押贷款，本金余额为 4200 万美元。 该贷款的固定利率为 7.13%，在整个期限内仅支付利息。该债务将于 2030 年 10 月 6 日到期，并仅由运营合伙企业为典型的“坏男孩行为（bad boy acts）”提供担保。提前还款受限：基于 defeasance 的提前还款在锁定期结束后，在闭幕后三年或任何证券化后两年中的较早者结束后才可允许；而在期限的最后六个月内允许在不 defeasance 的情况下进行提前还款。贷款包含对抵押贷款常见的陈述、保证、 covenant 和违约事件。
- Fixed interest rate of 7.13% provides predictability for interest expense over the loan term
- Interest-only payments reduce near-term cash outflows for principal repayment
- Clear prepayment mechanics with a defined lockout and defeasance provisions
- $42.0 million principal balance is a material debt obligation on the balance sheet
- Guarantee limited to 'bad boy' acts means the Operating Partnership does not offer broad recourse
- Prepayment restrictions (defeasance lockout and limited non-defeasance window) limit refinancing flexibility
Insights
TL;DR: This filing discloses a $42.0M fixed-rate, interest-only mortgage maturing in 2030 with limited guarantees and standard prepayment mechanics.
The disclosure provides clear loan economics: a fixed coupon of 7.13% and interest-only payments, which define near-term cash interest obligations but do not change principal until maturity. The Operating Partnership's guarantee is narrowly limited to "bad boy" acts, which constrains recourse for lenders to specific improper actions rather than providing full recourse. Prepayment is constrained by a defined lockout and defeasance requirements, with a window for non-defeasance prepayment only in the last six months. These features are typical for commercial mortgage financings and affect refinancing flexibility and lender remedies.
TL;DR: The loan terms are standard for CRE financing: fixed rate, interest-only payments, defeasance lockout, and limited guaranty scope.
The structure—interest-only payments and a fixed 7.13% rate—signals predictable debt service through maturity but defers principal repayment until maturity or prepayment events. The defeasance provision and lockout timing (earlier of three years post-closing or two years after securitization) restrict early refinancing options. The filing states customary covenants and events of default, suggesting no atypical lender protections disclosed. Overall, the document reads as a routine material financing disclosure without additional contingent liabilities or broad recourse guarantees disclosed here.
Sotherly Hotels Inc. ha riferito un mutuo ipotecario garantito relativo a Sotherly Hotels LP con saldo principale di 42,0 milioni di dollari. Il mutuo prevede un tasso di interesse fisso del 7,13% e richiede pagamenti di soli interessi per tutta la durata. La perdita di capitale è prevista al 6 ottobre 2030 ed è garantita dall'Operating Partnership solo per atti di cattivo comportamento tipici ('bad boy acts'). Il rimborso anticipato è soggetto a restrizioni: il rimborso basato su defeasance è consentito dopo un periodo di lockout che termina al più presto tra tre anni dopo la chiusura o due anni dopo qualsiasi cartolarizzazione, mentre il rimborso non defeasato è consentito durante gli ultimi sei mesi della durata. Il mutuo comprende le consuete rappresentazioni, garanzie, covenanti e eventi di default previsti per un mutuo ipotecario.
Los Sotherly Hotels Inc. reportó un préstamo hipotecario garantizado relacionado con Sotherly Hotels LP, con un saldo principal de 42,0 millones de dólares. El préstamo tiene una tasa de interés fija del 7,13% y exige pagos únicamente de intereses durante todo su plazo. La deuda vence el 6 de octubre de 2030 y está garantizada por la Operating Partnership únicamente para actos de 'bad boy' (malos). El prepago está restringido: el prepago basado en defeasance está permitido tras un periodo de lockout que termina al más temprano entre tres años después del cierre o dos años después de cualquier titulización, mientras que el prepago sin defeasance está permitido durante los últimos seis meses del plazo. El préstamo incluye las habituales representaciones, garantías, covenios y eventos de incumplimiento para un préstamo hipotecario.
Sotherly Hotels Inc.는 Sotherly Hotels LP와 관련된 담보 모기지 대출을 보고했으며, 주잔액은 4,200만 달러이다. 대출은 고정 이자율 7.13%를 가지며 기간 동안 이자만 지급한다. 부채는 2030년 10월 6일에 만기되며 운영 파트너십(OP)만 전형적인 'bad boy acts'에 대해 보장된다. 조기상환은 제한되며, defeasance 기반의 조기상환은 종결 후 3년 또는 어떤 유가증권화 후 2년 중 더 이른 시점에 끝나는 lockout 기간이 끝난 뒤 허용되고, defeasance가 아닌 조기상환은 기간의 마지막 6개월 동안 허용된다. 대출에는 모기지 대출에 대한 일반적인 진술, 보증, 약정 및 위반 사건이 포함된다.
Sotherly Hotels Inc. a annoncé un prêt hypothécaire garanti lié à Sotherly Hotels LP, dont le solde principal est de 42,0 millions de dollars. Le prêt porte un taux d'intérêt fixe de 7,13 % et exige des paiements d'intérêts uniquement pendant toute la durée. La dette arrive à échéance le 6 octobre 2030 et est garantie par l'Operating Partnership uniquement pour les actes de type « bad boy ». Le remboursement anticipé est soumis à des restrictions : le remboursement par defeasance est autorisé après une période de lockout qui se termine, au plus tôt, soit trois ans après la clôture, soit deux ans après toute titrisation; tandis que le remboursement sans defeasance est autorisé pendant les six derniers mois de la durée. Le prêt comprend les déclarations, garanties, covenants et événements de défaut habituels pour un prêt hypothécaire.
Sotherly Hotels Inc. meldete einen besicherten Hypothekendarlehen in Verbindung mit Sotherly Hotels LP mit einem Nennsaldo von 42,0 Mio. USD. Das Darlehen weist einen festen Zinssatz von 7,13 % auf und erfordert während der gesamten Laufzeit nur Zinszahlungen. Die Verschuldung läuft am 6. Oktober 2030 aus und wird von der Operating Partnership nur für typische ‚Bad-Boy’-Handlungen garantiert. Vorfälligkeiten sind eingeschränkt: Vorfälligkeitszahlungen auf Defeasance-Basis sind nach einer Sperrfrist zulässig, die spätestens endet, je nachdem, ob drei Jahre nach Abschluss oder zwei Jahre nach jeder Verbriefung zuerst erreicht wird; während vorfällig ohne Defeasance während der letzten sechs Monate der Laufzeit erlaubt ist. Der Kredit enthält übliche Zusicherungen, Gewährleistungen, Vereinbarungen und Ereignisse bei Nichterfüllung, die für einen Hypothekendarlehen üblich sind.
FAQ
What is the principal amount and maturity of the loan disclosed by SOHO?
What interest rate and payment structure does the Sotherly loan use?
Who guarantees the loan provided in the 8-K for SOHO?
When can the loan be prepaid under its terms?
Does the filing disclose unusual covenants or default provisions?
