New York City REIT (NYC) has issued an announcement.
American Strategic Investment Co. has amended its loan terms with its lenders, effectively extending the maturity date to accommodate the sale of its 9 Times Square property and support its strategic shift to diversify its investment portfolio. Along with the extension, the amendment adjusts the interest rate, establishes a cash flow management process, and sets forth requirements for the sale process of the property. Notably, the company has not taken on new debt with this amendment, but it has agreed to certain conditions, including potentially pledging additional collateral if the loan is not repaid by the new maturity date.
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