Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 171

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 171
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,405   5,470,305   Fixed    6.35%  5/10/2033  
 Baltimore   5,670,000   5,670,000   Fixed    4.67%  4/6/2032  
 Mandolin   3,508,702   3,573,201   Fixed    4.35%  4/20/2029 
 Subtotal, Presidio Property Trust, Inc. Properties  $76,781,271  $73,651,207            
 Model Home mortgage notes (5)   26,060,798   34,815,699   Fixed    5.34% - 8.00%  2025 - 2029 
 Mortgage Notes Payable  $102,842,069  $108,466,906            
 Unamortized loan costs   (747,975)  (753,633)           
 Mortgage Notes Payable, net  $102,094,094  $107,713,273            

        F-
       23

    (1)  Interest rates as of  December 31, 2024. 
(2) The non-recourse loan on the Dakota Center property matured on  July 6, 2024.  Management has been in negotiations with the lender and their special servicer of the loan in modifying and/or extending the loan or possibly selling the building. We have not been able to come to an agreement regarding a situation in which the loan is modified or extended.  As such, in  October 2024, we have offered the property for sale in conjunction with the lender’s approval  in attempts to make the lender whole, although there is no guarantee we will be able to do so.  The loan is considered non-recourse and we will not be required to make up the difference if the property sells for less than the loan balance.  See Note 4. Real Estate Assets above for further discussion on impairment of the property. 
(3) On  June 20, 2024, the Company, through its subsidiary, refinanced the mortgage loan on our West Fargo Industrial properties, and entered into a loan agreement for approximately $5.75 million, a term of five years, with an interest rate