Procaccianti Hotel REIT Inc. has announced a refinancing move involving its Hilton Garden Inn property in Providence, Rhode Island. The company, through its subsidiary Gano Holdings, LLC, has secured a $19.2 million Refinancing Loan with Rockland Trust Company. This loan will be used primarily to refinance existing debt and cover closing costs. Notably, the agreement includes an option for early debt prepayment, with penalties decreasing over time: two percent in the first year, one percent in the second year, and no penalty thereafter. The Refinancing Loan is backed by a first priority mortgage on the property and is guaranteed by the company.
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