Generation Income Properties, Inc. Announces Amend and Restate Its Previously Disclose Commitment Letters with American Momentum Bank
September 14, 2022 at 10:01 pm
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On September 9, 2022, Generation Income Properties L.P. (the Operating Partnership), the operating partnership of Generation Income Properties, Inc., amended and restated its previously disclosed Commitment Letters with American Momentum Bank (the Lender). Such previously disclosed Commitment Letters consisted of a Commitment Letter, dated October 25, 2021, for a $25 million credit commitment (the ôOctober 2021 Commitment Letterö), and a Commitment Letter, dated May 9, 2022) for an increased credit facility in the amount of $50 million contingent on the company raising an additional $25 million or more of capital in the future (the "May 2022 Commitment Letter"). The company and Lender have combined the October 2021 Commitment Letter and May 2022 Commitment Letter into a single Commitment Letter, dated as of September 9, 2022 (the ôRevised Commitment Letterö).
The Revised Commitment Letter does not materially modify the substantive terms set forth in the October 2021 Commitment Letter and May 2022 Commitment Letter except as follows: The Revised Commitment Letter amended the rate index used for borrowing to be a variable rate equal to the 30-Day CME Term SOFR Rate, plus a margin of 2.40%, adjusted monthly, subject to a floor interest rate of 3.25% per annum. All other terms under the prior Commitment Letters remained materially the same.
Generation Income Properties, Inc. is an internally managed real estate investment trust. The Company is focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in markets throughout the United States. Its retail properties are located in Washington, D.C.; Tampa, FL; Tucson, AZ; San Antonio, TX; Bakersfield, CA; Big Spring, TX; Castalia, OH; Lakeside, OH; Litchfield, ME; Mount Gilead, OH; Thompsontown, PA, and others. Its office properties are located in Norfolk, VA; Manteo, NC; Plant City, FL; Maitland, FL; Vacaville, CA, and others. Its medical retail property is located in Chicago, IL. Its industrial property is located in Huntsville, AL. Its subsidiaries include Generation Income Properties, LP; GIP TRS Inc; GIP REIT OP Limited LLC; GIP DB SPE, LLC; GIPVB SPE, LLC; GIPVA 2510 WALMER AVE, LLC; GIPVA 130 CORPORATE BLVD, LLC; GIPNC 201 Etheridge Road LLC, and others.
GENERATION INCOME PROPERTIES, INC. 
