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SAN DIEGO, CA – Presidio Property Trust, Inc. (SQFT), a real estate investment trust with a market capitalization of $7.64 million and currently trading at $0.61 per share, has encountered a financial setback with the default of a substantial loan. According to InvestingPro data, the company’s overall financial health score is rated as WEAK. On March 13, 2025, the company was notified of a maturity date default on a loan with an original principal amount of $11.1 million, which was documented by a promissory note dated June 9, 2014.
The loan in question is secured by the Dakota Center, located in Fargo, North Dakota. In response to this development, Presidio is actively collaborating with the lender and a special servicer to facilitate the sale of the property and resolve the non-recourse debt.
Due to the default, the company now faces the obligation to pay an increased default interest rate, which is 5% higher than the original rate. Additionally, Presidio is responsible for covering the lender’s related expenses, which encompass fees for third-party reports, legal services, and loan servicing.
This financial obligation has come to light through a recent 8-K filing with the Securities and Exchange Commission by Presidio Property Trust, Inc. The company has not disclosed further details regarding the potential impact on its financial position or operations.
Investors and stakeholders are keeping a close watch as Presidio Property Trust navigates this challenge, with the outcome of the property sale and debt settlement likely to influence the trust’s financial stability moving forward.
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