MacKenzie Realty Capital, Inc.
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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Dec 31, 2024 · Filed Feb 14, 2025
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Legal Proceedings
| Item 1. | LEGAL PROCEEDINGS |
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The Operating Partnership’s subsidiary, Main Street West, LP (“Main Street West”), had a loan from First Northern Bank of Dixon that matured on November 1, 2024. Despite attempts to negotiate an extension, an agreement could not be reached. As a result, Main Street West is currently in default under the note terms. The bank has initiated foreclosure proceedings and filed a notice of default, and on January 28, 2025, a receiver was appointed by the court.
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