Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1207

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1207
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 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 of 7.14%.  The loan agreement has a Debt Service Coverage Ratio ("DSCR") minimum of 1.20 to 1.00 as calculated by Lender, in which: (a) the numerator is the Underwritten Net Cash Flow, and (b) the denominator is the annual Debt Service, tested at the end of each fiscal quarter. 
(4) On  May 5, 2023, the Company, through its subsidiary, refinanced the mortgage loan on our Grand Pacific Center property and entered into a construction loan related to the tenant improvement associated with the KLJ Engineering LLC lease to occupy 33,296 square feet of the building. The refinanced loan is for approximately $3.8 million, a term of 10 years, with an interest rate