Strategic Student & Senior Housing Trust Files 8-K
Ticker: STSR · Form: 8-K · Filed: Apr 11, 2024 · CIK: 1698538
Sentiment: neutral
Topics: material-agreement, 8-k
TL;DR
SSHT filed an 8-K for a new material agreement, details TBD.
AI Summary
Strategic Student & Senior Housing Trust, Inc. filed an 8-K on April 11, 2024, reporting a material definitive agreement. The filing does not disclose specific details of the agreement, dollar amounts, or counter-parties within the provided text.
Why It Matters
This filing indicates a significant new agreement for the company, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, but the lack of specific details about the agreement's nature, terms, and financial implications introduces uncertainty.
Key Players & Entities
- Strategic Student & Senior Housing Trust, Inc. (company) — Registrant
- April 10, 2024 (date) — Date of earliest event reported
- April 11, 2024 (date) — Date of report
- Maryland (jurisdiction) — State of incorporation
- 19900 MacArthur Blvd , Suite 250 Irvine , CA 92612 (address) — Principal executive offices
FAQ
What is the nature of the material definitive agreement reported in the 8-K?
The provided text of the 8-K filing does not specify the nature of the material definitive agreement.
Who are the parties involved in this material definitive agreement?
The filing does not disclose the names of the parties involved in the agreement.
What is the effective date of this material definitive agreement?
The filing states April 10, 2024, as the date of the earliest event reported, which is likely related to the agreement.
Are there any financial implications or dollar amounts associated with this agreement mentioned in the filing?
The provided text does not contain any specific dollar amounts or financial details related to the agreement.
Does this 8-K filing provide any updates on the company's financial statements or exhibits?
The filing lists 'Financial Statements and Exhibits' as an item information, but the content of these is not detailed in the provided text.
Filing Stats: 721 words · 3 min read · ~2 pages · Grade level 9.7 · Accepted 2024-04-11 16:48:30
Key Financial Figures
- $34.5 million — e Operating Partnership, entered into a $34.5 million mortgage loan (the "JPM Mortgage Loan")
- $29.5 million — ays and replaces the Company's existing $29.5 million mortgage loan entered into on June 28,
- $34.5 m — cap agreement with a notional amount of $34.5 million, whereby SOFR was capped at 4.25%
Filing Documents
- sssht-20240410.htm (8-K) — 41KB
- sssht-ex10_1.htm (EX-10.1) — 531KB
- sssht-ex10_2.htm (EX-10.2) — 104KB
- img165524837_0.jpg (GRAPHIC) — 45KB
- 0000950170-24-043747.txt ( ) — 958KB
- sssht-20240410.xsd (EX-101.SCH) — 41KB
- sssht-20240410_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On April 10, 2024, Strategic Student & Senior Housing Trust, Inc. (the "Company"), through SSSHT Operating Partnership, L.P., the Company's operating partnership (the "Operating Partnership"), and a property-owning special purpose entity ("Borrower") wholly-owned by the Operating Partnership, entered into a $34.5 million mortgage loan (the "JPM Mortgage Loan") with JPMorgan Chase Bank, N.A., a national banking association. The JPM Mortgage Loan repays and replaces the Company's existing $29.5 million mortgage loan entered into on June 28, 2017 and provides cash reserves to the Company. The JPM Mortgage Loan has an initial term of one year with a maturity date of April 9, 2025, and contains two six-month extension options, subject to conditions as defined in the JPM Mortgage Loan. The JPM Mortgage Loan requires payments of interest only for such period, with the principal balance due upon maturity. The JPM Mortgage Loan bears interest at a rate of the one-month Secured Overnight Credit Facility Rate ("SOFR") plus 2.25%. In conjunction with the JPM Mortgage Loan, the Company entered into an interest rate cap agreement with a notional amount of $34.5 million, whereby SOFR was capped at 4.25% through the maturity of the JPM Mortgage Loan. Our all in effective rate is capped at 6.5%. We and H. Michael Schwartz, our Chairman of the board of directors and a director (our "Chairman"), serve as non-recourse guarantors pursuant to the terms and conditions of the JPM Mortgage Loan pursuant to a guaranty agreement entered into in connection with the JPM Mortgage Loan (the "Guaranty Agreement"). The JPM Mortgage Loan contains a number of other customary terms and covenants. The foregoing descriptions of the JPM Mortgage Loan and the Guaranty Agreement do not purport to be complete and are qualified in their entirety by reference to the JPM Mortgage Loan and the Guaranty Agreement, which are attached as Exhibits 10.1 an
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 10.1 JPMorgan Term Loan Agreement, dated April 10, 2024. 10.2 Guaranty Agreement, dated April 10, 2024. 104 Cover Page Interactive Data File (embedded within the inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Strategic STUDENT & SENIOR HOUSING Trust, Inc. Date: April 11, 2024 By: /s/ Matt F. Lopez Matt F. Lopez Chief Financial Officer, Treasurer, and Secretary