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ROBERTS REALTY INVESTORS INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement

August 19, 2014



Item 1.01 Entry into a Material Definitive Agreement.

On August 18, 2014, we renewed our $5,500,000North Springs land loan with North Springs Financial, LLC in accordance with the terms of the July 18, 2013 loan documents. The renewal extended the maturity date to January 17, 2015. The renewed and extended loan continues to require monthly interest only payments at an interest rate of 13% per annum. Upon the renewal, we paid a 1.0% extension fee and increased the interest reserve by $178,750 to fund the monthly interest only payments during the extension term. The loan is secured by our North Springs rail station property, and we will pay the lender a 1% repayment fee upon a sale of the North Springs property or the repayment of the North Springs loan.


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Source: Edgar Glimpses


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