Hartman Short Term Income Properties XX Inc.'s special-purpose finance unit, Hartman SPE LLC, obtained a $259.0 million term loan from Goldman Sachs Mortgage Co.
Hartman XX, along with its affiliates Hartman vREIT XXI Inc., Hartman Income REIT Inc. and Hartman Short Term Income Properties XIX Inc., contributed 39 commercial real estate properties to a recently formed Delaware limited liability company in exchange for membership interests in Hartman SPE. The transaction was subject to the mortgage debt encumbering the properties, and the loan proceeds were immediately used for the debt extinguishment, Hartman vREIT said in a filing.
Hartman vREIT, which holds a 5.89% interest in Hartman SPE, noted that it contributed its 48.8% interest in the Three Forest Plaza property in Dallas. The company owns the property under a joint venture arrangement with Hartman XX. The net asset value of the Three Forest Plaza minority stake is roughly $18.5 million.