The loan extension and modification agreement between Wilmington Trust, National Association, and 731 Office One LLC has been executed as of June 11, 2024. The original loan of $500,000,000 was made by Deutsche Bank AG, New York Branch and Citigroup Global Markets Realty Corp. The Maturity Date of the loan has been extended to October 11, 2024, and the Borrower has agreed to continue making monthly payments as provided under the Note and Loan Agreement.
As part of the agreement, the Borrower has deposited $66,808,000.00 with the Lender, and an additional $10,000,000.00 as an Equity Contribution to be applied to the principal balance of the Loan. The agreement also includes modifications to the Cash Management Agreement, including the establishment of a Funding Obligation Deposit Account, and changes to the disbursement of funds for various expenses such as Taxes, Insurance Premiums, and Condominium Charges.
The agreement is contingent upon the Borrower satisfying conditions such as delivering an original copy of the agreement, approval of the Annual Budget by the Lender, certification of compliance with the Loan Documents, and payment of all out-of-pocket costs and expenses incurred by the Lender.
Furthermore, the agreement includes covenants related to the payment of special servicing fees and monthly updates to the Lender regarding the Refinancing. It also addresses events of default and the Borrower's cooperation in the event of foreclosure proceedings.
Following these announcements, the company's shares moved 3.2%, and are now trading at a price of $215.65. Check out the company's full 8-K submission here.
