Medalist Diversified operating partnership guarantees USD 13.8 million construction loan for Savannah multifamily project
Bitget2026/10/13 20:07- Medalist Diversified’s operating partnership guaranteed a USD 13.8 million construction loan tied to a Savannah, Georgia multifamily townhome development.
- Loan closed Oct. 9, 2026 with GLP 2505 as lender; initial advance USD 5.05 million with USD 8.75 million held in construction reserves.
- Pricing set at a floating rate of at least 11.5%, or WSJ prime plus 4.75%; maturity Oct. 9, 2027 with up to three extensions.
- Borrower can prepay only in full, subject to a USD 940,000 minimum interest requirement during the initial term.
- Operating partnership also signed a completion guaranty and environmental indemnity; a contribution agreement allocates guaranty losses with Spandrel’s fund.
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