Alpine Income Property Trust Announces Sale of a Senior Portion of First Mortgage Loan Investment
WINTER PARK, Fla., June 03, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”) announced today that it has sold a $13.6 million A-1 participation interest (the “Loan Participation Sale”) in its $23.4 million loan investment (the “Portfolio Loan”).
- WINTER PARK, Fla., June 03, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”) announced today that it has sold a $13.6 million A-1 participation interest (the “Loan Participation Sale”) in its $23.4 million loan investment (the “Portfolio Loan”).
- The Portfolio Loan is secured by a first mortgage on a portfolio (the “Loan Collateral”) that currently consists of 39 retail properties.
- 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.
- 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%.