Creative Media & Community Trust Corporation has entered into a material definitive agreement involving a first lien mortgage loan of up to $92.2 million with Deutsche Bank AG, New York Branch on December 6, 2024. This loan is secured by the Sheraton Grand Sacramento, a full-scale hotel, and an adjacent parking garage, both properties of the borrowers who are subsidiaries of the company. Part of this loan has been used to pay down existing debt, fund renovations, and cover related fees and expenses. The loan is interest-only, with a floating rate, and terms allowing for prepayment under certain conditions. Additionally, the company provided guarantees for non-recourse events, environmental indemnities, and renovation completion.
List of proper names: - Creative Media & Community Trust Corporation - Deutsche Bank AG, New York Branch - CIM/J Street Hotel Sacramento Owner, LLC - CIM/J Street Hotel Sacramento ML, LLC - CIM/J Street Garage Sacramento Owner, LLC - JPMorgan Chase Bank, N.A. - Sheraton Grand Sacramento