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Portsmouth Square (OTC: PRSI) has successfully completed the refinancing of its Hilton San Francisco Financial District Hotel through two key transactions:
1. Justice Operating Company secured a $67 million mortgage loan with PRIME Finance at SOFR plus 4.80%, including an interest rate cap limiting SOFR exposure to 4.50%.
2. Justice Mezzanine Company modified its existing mezzanine loan with CRED REIT Holdco for $36.3 million at a fixed 7.25% annual rate.
Both loans mature in two years with options for three one-year extensions, enhancing the company's financial flexibility and stability in managing its flagship hospitality asset.
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