New England Realty Enters Material Agreement

TL;DR

NER enters new material agreement, creating financial obligation.

AI Summary

On November 21, 2024, New England Realty Associates Limited Partnership entered into a material definitive agreement. This agreement also created a direct financial obligation for the registrant. The filing includes financial statements and exhibits related to this event.

Why It Matters

This filing indicates a significant new financial commitment or contract for New England Realty Associates Limited Partnership, which could impact its financial obligations and future operations.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement and creating a direct financial obligation can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.

Key Players & Entities

• New England Realty Associates Limited Partnership (company) — Registrant
• November 21, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $25,000,000 — r Advances up to an aggregate amount of $25,000,000 at any one time. The making of an Advan
• $20,000,000 — filiates maintain aggregate deposits of $20,000,000 or greater with Brookline Bank. The Re
• $15 million — justed EBITDA, and minimum liquidity of $15 million. If an Event of Default occurs under t

Filing Documents

• tm2429658d1_8k.htm (8-K) — 27KB
• tm2429658d1_ex10-1.htm (EX-10.1) — 296KB
• tm2429658d1_ex10-1img001.jpg (GRAPHIC) — 44KB
• 0001104659-24-123576.txt ( ) — 603KB
• nen-20241121.xsd (EX-101.SCH) — 3KB
• nen-20241121_lab.xml (EX-101.LAB) — 33KB
• nen-20241121_pre.xml (EX-101.PRE) — 22KB
• tm2429658d1_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. New Revolving Line of Credit Agreement On November 21, 2024, New England Realty Associates Limited Partnership ("NERA" or "Borrower") entered into a Loan Agreement with Brookline Bank ("Lender", and such Loan Agreement, the "Revolving Line of Credit Agreement"). All capitalized terms not defined herein shall have the meaning assigned to them in the Revolving Line of Credit Agreement. Under the Revolving Line of Credit Agreement, Lender shall provide Borrower Advances up to an aggregate amount of $25,000,000 at any one time. The making of an Advance under the Revolving Line of Credit Agreement is subject to the satisfaction of certain conditions precedent, including, that no Default or Event of Default has occurred and is continuing, that no event or circumstance, either individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect, and that all of the representations and warranties of each Loan Party to the Revolving Line of Credit Agreement are true and correct as of the date of such Advance. The Borrower's obligations under the Revolving Line of Credit Agreement are secured by a first priority Pledge and Security Agreement from the Borrower with respect to the interests of Borrower in and to that portion of Borrower's Equity Interests in its subsidiaries. Borrowings under the Revolving Line of Credit Agreement will mature on November 21, 2027, with a one-year extension option at Lender's sole discretion so long as no Events of Default shall have occurred and be continuing and that Borrower shall pay Lender a nonrefundable commitment fee of 25 basis points of the Maximum Availability under the Revolving Line of Credit. Each Advance shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Secured Overnight Financing Rate plus 250 basis points. The Borrower has also agreed to pay Lender a

03 Creation of a Direct Financial Obligation or

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The description of the Revolving Line of Credit Agreement set forth above under Item 1.01 above is incorporated by reference into this Item 2.03.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 10.1 Loan Agreement (Revolving Line of Credit), dated as of November 21, 2024, between New England Realty Associates Limited Partnership, as Borrower, and Brookline Bank, as Lender. 2

SIGNATURES

SIGNATURES 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 hereunto duly authorized. NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP By: NewReal, Inc., its General Partner By /s/ Jameson Brown Jameson Brown, its Treasurer Date November 27, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR