Attached files
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EX-10.1 - Summit Healthcare REIT, Inc | v204746_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
November
30, 2010
CORNERSTONE
CORE PROPERTIES REIT, INC.
(Exact
name of registrant as specified in its charter)
Maryland
|
000-52566
|
73-1721791
|
(State
or Other Jurisdiction of
Incorporation) |
(Commission
File Number)
|
(I.R.S.
Employer Identification
Number) |
1920
Main Street, Suite 400
Irvine,
CA 92614
(Address
of principal executive offices)
(949)
852-1007
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
|
Written communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
1.01 Entry into a Material Definitive Agreement
On
November 30, 2010, we amended our Credit Agreement with HSH Nordbank AG, New
York Branch entered on June 30, 2006 to extend the maturity date of the loan to
September 30, 2011. As a part of the amendment to the Credit Agreement we
paid an extension fee of $67,250 and made a principal reduction payment of $2.0
million. We will make additional principal reduction payments ranging from
$200,000 to $250,000 between December 1, 2010 and September 30, 2011. In
addition, the amendment to the Credit Agreement requires us to use commercially
reasonable efforts to pay off the outstanding principal balance of the loan with
proceeds from refinancing with an unaffiliated lender or from the sale of one or
more of our properties in one or more arm’s length all-cash
transactions. The borrowing rate is based on 30-day LIBOR plus a
margin ranging from 350 to 375 basis points. As of November30, 2010
the outstanding principal amount of our obligations under the Credit Agreement
was $13,545,000.
Item
9.01 Financial Statements and Exhibits
(d)
|
Exhibit
|
10.1
|
Amendment No. 9 to Credit Agreement with HSH Nordbank AG, New York Branch dated as of November 30, 2010. |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CORNERSTONE
CORE PROPERTIES REIT, INC
|
||
By:
|
/s/ SHARON C. KAISER
|
|
Sharon
C. Kaiser, Chief Financial Officer
|
Dated:
December 6, 2010