Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 58

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 costs   (922,060)  (747,975)         
 Mortgage Notes Payable, net  $93,719,413  $102,094,094          

    (1)  Interest rates as of  September 30, 2025. 
 (2)  The non-recourse loan on the Dakota Center property matured on  July 6, 2024. During  December 2024, the lender agreed to the broker the Company would use to sell the property to settle the non-recourse debt.  As of  September 30, 2025, the property was included in the real estate assets held for sale, net on the consolidated balance sheet. During  July 2025, the lender approved a purchase offer from a third party for $5,125,000.  The sale is expected to take place during the fourth quarter 2025 or in the first quarter of 2026. As of  September 30, 2025, the note payable is included in the mortgage notes payable related to properties held for sale, net on the consolidated balance sheet. 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)These properties were sold during  February 2025 and their loan balances were paid in full.
 (4)  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 of 7.14%. On  August 6, 2025, the Company refinanced the mortgage loan on our Genesis Plaza property, and entered into a loan agreement for $6.25 million, a term of four years, with an interest rate of 7.07%.  On  September 6, 2025, the Company refinanced the mortgage loan on our One Park Center property and entered into a loan agreement for $6.1 million, a term of five years, with an interest rate of 6.83%.   
 (5)  On  May 5, 2023, the Company, through its subsidiary, refin