Alpine Income Property Trust has sold a $13.6 million A-1 participation interest in its $23.4 million loan investment. The Portfolio Loan is secured by a first mortgage on a portfolio that currently consists of 39 retail properties. As part of the transaction, the Company had the Portfolio Loan rated by an independent rating agency whereby it received an A- rating. PINE originated the Portfolio Loan in November 2023 as a $24.0 million loan at a rate of 8.75%, with the Loan Collateral consisting of 41 retail properties. As of June 3, 2024, two properties within the portfolio have been sold, resulting in principal paydowns that have reduced the overall loan balance to approximately $23.4 million. After adjusting for the Loan Participation Sale, PINE’s remaining investment in the Portfolio Loan is approximately $9.8 million at an interest rate of approximately 9.94%. The senior participation of $13.6 million will be repaid on a priority basis with proceeds from any sale of Loan Collateral properties.
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