Company: GIPRW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000950170-25-072868
Chunk: 41

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 41
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 covenant deviation. According to the governing loan documents, failing to meet DSCR coverage requirements is a technical default triggering the risk of forfeiture of the property, accelerating the repayment of the remaining outstanding balance of the loan at the lender's discretion. In January 2025, the Company executed a PSA to sell the property for $7.2 million with the transaction expected to close in June 2025. Minimum required principal payments on our debt as of March 31, 2025 are as follows:   

     Mortgage Loans
      
     Other Payable - Related Party
      
     Loan Payable - Related Party
      
     Total as of March 31, 2025

     2025
     $
     1,138,148

     -

     -

     1,138,148

     2026
      
     5,110,416

     -

     5,500,000

     10,610,416

     2027
      
     1,508,613

     -

     -

     1,508,613

     2028
      
     21,846,023

     -

     -

     21,846,023

     2029
      
     13,311,313

     -

     -

     13,311,313

     Thereafter
      
     23,269,514

     -

     -

     23,269,514

     $
     66,184,027
      
     $
     -
      
     $
     5,500,000
      
     $
     71,684,027

   On February 8, 2023, we entered into new Amended and Restated Limited Liability Company Agreements for the Norfolk, Virginia properties, GIPVA 2510 Walmer Ave, LLC ("GIPVA 2510") and GIPVA 130 Corporate Blvd, LLC ("GIPVA 130"), in which we, as the sole member of GIPVA 2510 and GIPVA 130, admitted a new preferred member, Brown Family Enterprises, LLC, through the issuance of preferred membership interests in the form of Class A Preferred Units of GIPVA 2510 and GIPVA 130.  GIPVA 2510 and GIPVA 130 (the “Virginia SPEs”) hold our Norfolk, Virginia properties.  In addition, both of the