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Sterling Real Estate Trust, a North Dakota-based real estate investment trust, has entered into a revolving promissory note agreement with Sterling Office and Industrial Properties, LLLP, creating a new $10 million financial obligation. The agreement, effective as of February 26, 2025, allows the Trust’s operating partnership, Sterling Properties L.L.L.P., to borrow up to $10 million under the terms of the note.
The note carries an interest rate of 5.25% and provides the borrower with the flexibility to prepay without incurring penalties. In the event of default, the lender has the right to demand immediate payment of the outstanding principal and accrued interest. The Trust has guaranteed the promissory note, further underscoring its commitment to the agreement.
Details of the financial arrangement were disclosed in a Form 8-K filing with the Securities and Exchange Commission (SEC) on Monday, March 3, 2025. The full text of the Revolving Promissory Note is attached to the filing as Exhibit 10.1, which provides a comprehensive look at the terms and conditions of the deal.
This financial move comes as part of Sterling Real Estate Trust’s broader strategy to manage its capital and investments. The Trust operates within the real estate sector, specifically focusing on investment in real estate properties. The promissory note represents a significant financial transaction that could have implications for the Trust’s operational flexibility and financial strategy moving forward.
The information regarding this financial obligation is based on the latest SEC filing by Sterling Real Estate Trust.
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