Presidio Property Trust, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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Sep 30, 2025 · Filed Nov 12, 2025
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Item 3. Defaults Upon Senior Securities
On March 13, 2025, we received notice of a maturity date default of a loan in the original principal amount of $11.1 million evidenced by a promissory note issued on June 9, 2014. The loan is secured by the Dakota Center in Fargo, North Dakota.
As a result of the default, the Company is required to pay the default interest rate that is 5% above the original interest rate and the lender’s expenses related to the loan, including third party report fees, attorneys’ fees and loan servicing expenses. As of the date of this report, the amount of the default is approximately $9.1 million. Additionally, the lender is holding approximately $0.6 million in restricted cash sweep accounts as of September 30, 2025.
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