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Sterling Real Estate Trust, through its operating partnership Sterling Properties L.L.L.P., entered into a revolving promissory note with Sterling Office and Industrial Properties, LLLP on Wednesday. According to a statement in a press release and SEC filing, the agreement allows the borrower to access up to $10 million in principal from the lender.
The revolving note carries an interest rate of 5.25%. The borrower is permitted to prepay the note without penalty. The agreement includes standard events of default, which would allow the lender to demand immediate repayment of all outstanding principal and accrued interest if triggered. The note is guaranteed by Sterling Real Estate Trust.
The filing did not specify the maturity date or additional financial terms of the note. Sterling Real Estate Trust’s common shares are not listed on a national securities exchange.
This information is based on a press release statement and a Form 8-K filing with the Securities and Exchange Commission.
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