Developments > MHEF Inc. Warehouse LOC
MHEF hereby is, authorized, empowered and directed on behalf of the Intermediary Entities and the Funds to enter into and obtain a line of credit facility from MHIC, LLC in the amount of up to $10,000,000 secured by any or all of the assets of the Intermediary Entities with an interest rate of 7% per annum and a maturity date of no later than December 31, 2025 (the “Warehouse LOC”), and to enter into, execute, deliver and perform under all loan agreements, promissory notes, collateral assignments, pledges and other documents, instruments, or security agreements related to such Warehouse LOC (collectively, the “LOC Loan Documents”), and that MHEF, in its capacity as sole member and manager of the Intermediary Entities and general partner of the Funds, be authorized and directed to cause such Warehouse LOC to close and such LOC Loan Documents to be executed and delivered; provided that, the LOC Loan Documents shall require that the initial advance of funds under the Warehouse LOC will be utilized to epay the entire outstanding balance under that certain existing $15 million revolving line of credit between MHIC, LLC as lender and Massachusetts Housing Equity Fund XII LLC and affiliates thereof as borrowers (the “Existing LOC”) and provided further that the Existing LOC shall be terminated upon closing of the Warehouse LOC and no further advances shall be made thereunder;
MHEF Inc. Warehouse LOC
Project at a Glance:
Location:
Boston
Development Type:
Line Of Credit
Sponsor:
MHEF
MHEF hereby is, authorized, empowered and directed on behalf of the Intermediary Entities and the Funds to enter into and obtain a line of credit facility from MHIC, LLC in the amount of up to $10,000,000 secured by any or all of the assets of the Intermediary Entities with an interest rate of 7% per annum and a maturity date of no later than December 31, 2025 (the “Warehouse LOC”), and to enter into, execute, deliver and perform under all loan agreements, promissory notes, collateral assignments, pledges and other documents, instruments, or security agreements related to such Warehouse LOC (collectively, the “LOC Loan Documents”), and that MHEF, in its capacity as sole member and manager of the Intermediary Entities and general partner of the Funds, be authorized and directed to cause such Warehouse LOC to close and such LOC Loan Documents to be executed and delivered; provided that, the LOC Loan Documents shall require that the initial advance of funds under the Warehouse LOC will be utilized to epay the entire outstanding balance under that certain existing $15 million revolving line of credit between MHIC, LLC as lender and Massachusetts Housing Equity Fund XII LLC and affiliates thereof as borrowers (the “Existing LOC”) and provided further that the Existing LOC shall be terminated upon closing of the Warehouse LOC and no further advances shall be made thereunder;