Company: CMCT
Filing Date: 2025-01-02
Form Type: 8-K
Source: 0000908311-24-000076
Chunk: 0

Company: Creative Media & Community Trust Corp
Filing Date: 2025-01-02
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On December 27, 2024 (the “ Origination Date”) Wells Fargo Bank, National Association (“ Wells”), Bank of America, N. A. (“ BofA”), and JPMorgan Chase Bank, National Association (“ JPM,” and, collectively with Wells and BofA, the “ Lenders”), originated a first lien mortgage loan of $105 million (the “ Mortgage Loan”) to 9460 Wilshire Blvd (BH) Owner, L. P., CIM/11600 Wilshire (Los Angeles), LP and CIM/11620 Wilshire (Los Angeles), LP (collectively, the “ Borrowers”) (the “ Loan Agreement”), each of which is a subsidiary of Creative Media & Community Trust Corporation (the “ Company”) and managed on a day-to-day basis by affiliates of CIM Group Management, LLC (“ CIM Group”). The Mortgage Loan is secured by, among other things, first priority deeds of trust, security agreements or other similar security instruments on the Borrowers’ fee simple interests in two office buildings located at 9460 Wilshire Boulevard, Beverly Hills, California (the “9460 Property”), and 11620 Wilshire Boulevard, Los Angeles, California (the “11620 Property”), and one medical office building located at 11600 Wilshire Boulevard, Los Angeles, California (the “11600 Property,” and, collectively with the 9460 Property and the 11620 Property, the “ Properties”).

The proceeds of the Mortgage Loan were and will be used by the Company to (i) paydown existing debt in the amount of $82.3 million under the Company’s Amended and Restated Credit Agreement, dated as of December 16, 2022 by and among the borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N. A., as administrative agent (the “ Facility”), (ii) fund certain tenant improvement costs, leasing costs and other ongoing costs and expenses at the Properties, including reserves for these costs and expenses, and (iii) pay certain of the fees and expenses incurred in connection with the entry of the Loan Agreement. In connection with entry into the Loan Agreement, the Properties were released as collateral for the Facility and the Borrowers were released from their obligations under the Facility.

The Mortgage Loan is a fixed-rate, interest-only, non-recourse loan with a five-year term ending on January 11, 2030. The Mortgage Loan has an interest