WhereDaily News: Condor Hospitality Trust, Inc. Announces $10.0 Million Loan Refinancing
NORFOLK, NE--(Marketwired - August 26, 2015) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly Supertel Hospitality, Inc. (NASDAQ: SPPR), a hotel focused real estate investment trust (REIT), today announced that on August 14, 2015, Condor Hospitality Trust, Inc. (the "company") signed a term sheet with a regional banking institution with a national lending platform for public real estate investment trusts for a $10 million mortgage loan to refinance the existing mortgage loan with Citigroup Global Markets Realty Corp. maturing in November 2015. The term sheet provides for the new non-recourse loan to have a five year term, a 25 year amortization and an interest rate of 30-day LIBOR plus 2.25%. The company intends to fix the interest rate with a swap executed at the time of closing. The new loan will be secured by four hotel properties located in Indiana. The term sheet is non-binding and any formal transaction between the company and the regional banking institution is subject to the parties executing a definitive loan agreement and other security documentation which the company expects to complete as early as September 2015.
