Loan Agreement dated February 29, 2024
Exhibit 10(b)(ii)
RENEWAL OF LINE OF CREDIT
February 29, 2024
Capital Properties, Inc.
c/o Susan Johnson, Treasurer
5 Steeple Street, Unit 303
Providence, RI 02903
RE: Renewal of Revolving Line of Credit
Note #530029350
Dear Susan:
We are pleased to inform you that Bank Rhode Island (Lender) has approved a renewal to your Revolving Line of Credit loan.
The loan is subject to the following terms and conditions:
Borrower: |
| Capital Properties, Inc. |
Amount: |
| $2,000,000 |
Rate: |
| One Month CME SOFR + 200 basis points |
Term: |
| 36 months |
Maturity Date: |
| 3/30/2027 |
Fee: |
| None |
Repayment Schedule: |
| Monthly interest only payments, with entire principal and interest due upon maturity. |
Collateral: |
| A first mortgage with assignment of the ground lease and rent on 50 Park West Row, Parcel 5 Capital Center of Providence. |
Covenants: |
| Overall Property Minimum DSCR: 1.25x Overall Borrower Minimum DSCR: 1.20x Overall Maximum LTV: 65% |
Conditions of Closing: |
| None |
All other terms and conditions of the Note will remain in full force and effect.
Kindly return this letter to my attention no later than March 14, 2024. If you have questions, you can reach me at ###-###-####.
Sincerely,
/s/ Maria Botelho
Maria Botelho
Vice President
Accepted and agreed to this 4th day of March, 2024.
Capital Properties, Inc.
By: /s/ Susan R. Johnson
Its: Treasurer
