What is the maturity date for the outstanding principal balance of the Tempe Loan for the Bw Premier Collection?
Bw_Premier_Collection Franchise · 2025 FDDAnswer from 2025 FDD Document
in compliance with all covenants.
DevCo Tempe
In October 2020, DevCo Tempe entered into the Tempe Loan with UMB Bank. Under terms of the Tempe Loan, DevCo Tempe can request advances up to $15.3 million. For the period November 1, 2020 through October 31, 2023, interest on the outstanding principal balance of the Tempe Loan was due and payable monthly. Beginning November 1, 2023, through the maturity date of October 2, 2027, principal and interest are due and payable in an amount determined by UMB to be sufficient to amortize the outstanding principal balance of the Tempe Loan over a twenty-five (25) year period. The outstanding principal balance of this
Source: Item 23 — Receipts (FDD pages 54–203)
What This Means (2025 FDD)
According to the 2025 FDD, the maturity date for the outstanding principal balance of the Tempe Loan is October 2, 2027. The Tempe Loan was entered into in October 2020 with UMB Bank, allowing DevCo Tempe to request advances up to $15.3 million.
Interest on the outstanding principal balance was due monthly from November 1, 2020, through October 31, 2023. Starting November 1, 2023, principal and interest payments are due in an amount determined by UMB to amortize the loan over a 25-year period.
The loan is secured by a Deed of Trust and guaranteed by the Company. As of November 30, 2024, the company had borrowed $15.3 million. The interest rate on the Tempe Loan is fixed at 3.50% per year, computed on an ACT/360 basis.