Subsequent Events |
9 Months Ended |
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Sep. 30, 2019 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
Litchfield Market Village Refinance
On November 1, 2019, the Company refinanced the Litchfield Market Village collateralized portion of the Amended and Restated Credit Agreement resulting in a paydown of $7.16 million on the KeyBank Line of Credit.
On November 1, 2019 the Company executed a promissory note for $7.50 million for the refinancing of Litchfield Market Village at a fixed interest rate of 5.50%.
KeyBank Line of Credit
On November 5, 2019, the Company and KeyBank entered into a non-binding term sheet (the “Term Sheet”) to amend the Amended and Restated Credit Agreement with KeyBank. Pursuant to the Term Sheet, the Company began making monthly principal payments of $350 thousand on November 1, 2019. The Term Sheet, among other provisions, requires a pledge of additional collateral of $15.00 million in residual equity interests. Additionally, the KeyBank Line of Credit shall be reduced to $12.00 million by December 31, 2019, $10.00 million by January 31, 2020, $2.00 million by April 30, 2020 and fully matures on June 30, 2020. The Term Sheet is not a binding commitment from KeyBank and will be superseded by a formal contract amendment, subject to customary closing conditions.
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