Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 30

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 30
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 Management has begun discussions with various lenders to either restructure, extend or refinance these loans.  Additionally, management may consider selling these properties if we are unsuccessful in extending the maturity dates or are unable to raise additional funds to pay these non-recourse loans in full.  Additional details for maturing loans are as follows:

      ● 
      Dakota Center (Fargo) (July 2024): We have been in negotiations with the lender and their special servicer of the loan since May 2024 regarding an extension or modification of the non-recourse loan; however, the lender's final decision was to have the Company sell the property on the open market with a real estate broker.  The current loan balance is approximately $9.1 million, and our book value is approximately $8.3 million, after a $0.7 million impairment taken in Q3 2024.  On October 17, 2024, we also provided an unsolicited offer from Edgewood Properties for $8.0 million, but the lender has asked the Company to conduct a market sale for the property to recover the maximum proceeds to repay the non-recourse loan.  The lender rejected this offer and we are proceeding with the open market sale.  In January 2025, we finalized the broker agreement with CBRE to sell the property.  CBRE has the property listed without a sales price, but has a cashflow model with the target sales price at $9.0 million.  The lender will have final say on approval of a purchase offer and closing price, so there can be no guarantee CBRE will be able to achieve a $9.0 million sales price.  Either way, this is a non-recourse loan and will not affect our future cash flow if it sells for less than the loan amount. 

      ● 
      Union Town Center (January 2025) and Research Pkwy (January 2025):  We have listed the properties for sale as of December 31, 2024.  The Company was able to obtain a short term extension with the lenders in order to accommodate the close date for the sale.  The sale took place on February 6, 2025, with a price of $16,950,000 for both UTC and Research Parkway.  Internally, we allocated the purchase price at 80.2% to UTC and 19.8%