Sotherly Hotels (SOHO) has released an update.
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Affiliates of Sotherly Hotels Inc. secured a $35 million mortgage loan for Hotel Alba Tampa with Citi Real Estate Funding Inc., maturing in 2029 with a fixed interest rate of 8.49%. The loan, which primarily requires interest payments, is guaranteed against certain misconduct and cannot be prepaid early. Following this financial move, the Company issued a press release detailing the transaction.
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