CMCT Enters Material Definitive Agreement

TL;DR

CMCT just signed a big deal, watch their financials.

AI Summary

Creative Media & Community Trust Corp (CMCT) entered into a material definitive agreement on December 27, 2024. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The company, previously known as CIM Commercial Trust Corp and PMC Commercial Trust, is a real estate investment trust incorporated in Maryland.

Why It Matters

This filing signals a significant new contractual commitment or financial obligation for Creative Media & Community Trust Corp, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to debt, performance, or market conditions.

Key Players & Entities

• Creative Media & Community Trust Corp (company) — Registrant
• CIM Commercial Trust Corp (company) — Former Company Name
• PMC Commercial Trust (company) — Former Company Name
• December 27, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 Par Value CMCT Nasdaq Global Market C
• $105 million — riginated a first lien mortgage loan of $105 million (the "Mortgage Loan") to 9460 Wilshire
• $82.3 million — paydown existing debt in the amount of $82.3 million under the Company's Amended and Restate
• $6 m — llion and liquid assets of no less than $6 million, in each case, exclusive of the v

Filing Documents

• cmct-20241227.htm (8-K) — 40KB
• wells-wilshireportfolioxlo.htm (EX-10.1) — 1311KB
• wells-wilshireportfolioxre.htm (EX-10.2) — 80KB
• wells-wilshireportfolioenv.htm (EX-10.3) — 116KB
• image_0.jpg (GRAPHIC) — 2KB
• 0000908311-24-000076.txt ( ) — 1986KB
• cmct-20241227.xsd (EX-101.SCH) — 3KB
• cmct-20241227_def.xml (EX-101.DEF) — 18KB
• cmct-20241227_lab.xml (EX-101.LAB) — 32KB
• cmct-20241227_pre.xml (EX-101.PRE) — 19KB
• cmct-20241227_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On December 27, 2024 (the "Origination Date") Wells Fargo Bank, National Association ("Wells"), Bank of America, N.A. ("BofA"), and JPMorgan Chase Bank, National Association ("JPM," and, collectively with Wells and BofA, the "Lenders"), originated a first lien mortgage loan of $105 million (the "Mortgage Loan") to 9460 Wilshire Blvd (BH) Owner, L.P., CIM/11600 Wilshire (Los Angeles), LP and CIM/11620 Wilshire (Los Angeles), LP (collectively, the "Borrowers") (the "Loan Agreement"), each of which is a subsidiary of Creative Media & Community Trust Corporation (the "Company") and managed on a day-to-day basis by affiliates of CIM Group Management, LLC ("CIM Group"). The Mortgage Loan is secured by, among other things, first priority deeds of trust, security agreements or other similar security instruments on the Borrowers' fee simple interests in two office buildings located at 9460 Wilshire Boulevard, Beverly Hills, California (the "9460 Property"), and 11620 Wilshire Boulevard, Los Angeles, California (the "11620 Property"), and one medical office building located at 11600 Wilshire Boulevard, Los Angeles, California (the "11600 Property," and, collectively with the 9460 Property and the 11620 Property, the "Properties"). The proceeds of the Mortgage Loan were and will be used by the Company to (i) paydown existing debt in the amount of $82.3 million under the Company's Amended and Restated Credit Agreement, dated as of December 16, 2022 by and among the borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the "Facility"), (ii) fund certain tenant improvement costs, leasing costs and other ongoing costs and expenses at the Properties, including reserves for these costs and expenses, and (iii) pay certain of the fees and expenses incurred in connection with the entry of the Loan Agreement. In connection with entry into the Loan Agreement, the Properties were

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit Number Exhibit Description 10.1* Loan Agreement, dated as of December 27, 2024, by and among the Borrowers and the Lenders. 10.2* Guaranty of Recourse Obligations, dated as of December 27, 2024, by the Company and CIM Guarantor for the benefit of the Lenders. 10.3* Environmental Indemnity Agreement, dated as of December 27, 2024, by the Borrowers and the Company for the benefit of the Lenders. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). *Filed herewith SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CREATIVE MEDIA & COMMUNITY TRUST CORPORATION Dated: December 31, 2024 By: /s/ Barry N. Berlin Barry N. Berlin Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR