Filing Analysis
📄 Other SEC Filing
Filed Dec 12, 2024
⚪ LOW
Lightstone Value Plus REIT IV, Inc. held its annual meeting of stockholders on December 9, 2024. The company successfully elected three directors to serve until the 2025 annual meeting.
📋 Key Facts
- Annual Meeting held on December 9, 2024.
- Quorum represented approximately 52.8% of total shares entitled to vote (4.2 million shares).
- Three directors were elected: David Lichtenstein, Steven Spinola, and Michael J. Demarco.
- All nominees received a majority of votes cast.
📝 Material Agreement
Filed Apr 26, 2024
🟡 MEDIUM
Lightstone Value Plus REIT IV, Inc. announced that its 75% owned subsidiary entered into $95 million in mortgage loan facilities to refinance existing debt on the Williamsburg Moxy Hotel in Brooklyn.
🚩 Red Flags
- Presence of a junior/subordinate loan ($9.0M) increases capital structure complexity.
- Interest rate floor of 8.75% provides protection for the lender but sets a high cost of capital for the REIT in low-rate environments.
📋 Key Facts
- Entered into an $86.0 million senior mortgage loan facility with Western Alliance Bank and G4 18263, LLC.
- Entered into a $9.0 million junior mortgage loan facility with G4 (subordinate to the senior loan).
- Total aggregate debt from Moxy Mortgage Loans is $95.0 million.
- Interest rate: SOFR plus 5.10%, subject to an 8.75% floor.
- Maturity date: April 19, 2027, with two optional six-month extensions.
- The loans are interest-only with principal due at maturity.
- $85.8 million of proceeds were used to repay existing mortgage indebtedness on the Williamsburg Moxy Hotel.
- The hotel is a 216-room Marriott Moxy located in Brooklyn, NY.
Disclaimer: This analysis is generated by AI and is for informational purposes only.
It does not constitute financial advice, investment recommendations, or an offer to buy or sell securities.
Always review the original SEC filings and consult a financial advisor before making investment decisions.