Financing ·
Medalist Diversified's operating partnership guarantees $13.8M construction loan for Savannah multifamily project
MDRRMedalist Diversified, Inc.
Medalist Diversified Holdings LP, the company's operating partnership, entered into a Non-Recourse Guaranty, Completion Guaranty, and Environmental Indemnity to support a $13.8 million construction loan for a joint venture development in Savannah, Georgia. The loan bears interest at 11.5% or WSJ Prime plus 4.75%, maturing October 9, 2027. Medalist Diversified holds an approximately 42% preferred equity interest in the Mira Sav Partners LLC joint venture alongside Spandrel Development Partners and company executives. The operating partnership operates as a real estate investment vehicle focused on multifamily residential developments.