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): August 18, 2014
Roberts Realty Investors, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Georgia
(State or Other Jurisdiction of Incorporation)
| 001-13183 | 58-2122873 |
| (Commission File Number) | (IRS Employer Identification No.) |
| 375 Northridge Road, Suite 330 | |
| Atlanta, Georgia | 30350 |
| (Address of Principal Executive Offices) | (Zip Code) |
(770) 394-6000
(Registrant’s Telephone Number, Including Area Code)
(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 August 18, 2014, we renewed our $5,500,000 North Springs land loan with North Springs Financial, LLC in accordance with the terms of the July 18, 2013 loan documents. The renewal extended the maturity date to January 17, 2015. The renewed and extended loan continues to require monthly interest only payments at an interest rate of 13% per annum. Upon the renewal, we paid a 1.0% extension fee and increased the interest reserve by $178,750 to fund the monthly interest only payments during the extension term. The loan is secured by our North Springs rail station property, and we will pay the lender a 1% repayment fee upon a sale of the North Springs property or the repayment of the North Springs loan.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be filed on its behalf by the undersigned hereunto duly authorized.
| ROBERTS REALTY INVESTORS, INC. | ||||
| Dated: August 19, 2014 | By: | /s/ Charles S. Roberts | ||
| Charles S. Roberts | ||||
| Chief Executive Officer | ||||