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Plymouth Industrial repays mezzanine debt with loan proceeds

Industrial real estate investment trust Plymouth Industrial REIT Inc. used proceeds from its $35.7 million senior secured term loan to fully repay its outstanding mezzanine debt held by Torchlight Investors LLC that was set to mature in October 2023.

The $35.7 million loan with KeyBank NA bears interest at the London Interbank Offered Rate plus 7.0%. It will mature in August 2021.