This is a routine property-level financing for a specific tenant expansion project. Monitor the company's next 10-Q for the full balance sheet impact and progress on the Fishkill expansion. The DSCR covenant (1.35x) provides a credit quality benchmark to track.
Price Chart
Executive Summary
J.W. Mays, Inc. entered into an $8 million non-revolving line of credit and building loan mortgage note with Beacon Bank & Trust, secured by a first lien on its Fishkill, NY property. The loan has an initial interest-only advance period at WSJ Prime + 1.00% (min 7.25%), converting to a 25-year amortization at a floating rate (FHLB Boston 5yr + 2.25%, min 6.00%) with a 10-year balloon maturity. Approximately $2 million was advanced at closing to fund tenant expansion at the Fishkill property, with the full $8 million expected to be drawn before project completion.
Key Financial Metrics
Key Facts
- J.W. Mays borrowed $8,000,000 from Beacon Bank & Trust, secured by a first mortgage on its Fishkill, NY property at 461 Route 9.
- The loan has a 1-year interest-only advance period (WSJ Prime + 1.00%, min 7.25%), then converts to a 25-year amortization with a 10-year balloon maturity (May 1, 2036).
- Approximately $2,000,000 was advanced at closing; proceeds will fund construction of expansion rentable space for an existing tenant at the Fishkill property.
- The company must maintain $1,000,000 in operating/tenant security accounts with the lender and deposited $350,000 into an interest reserve account.
- A DSCR covenant of 1.35x applies after the advance period, tested annually.
- Prepayment penalties range from 1.00% to 3.00% during the amortization period.
Financial Impact
New $8,000,000 secured debt facility; ~$2,000,000 drawn at closing for tenant expansion at the Fishkill property.
Risk Factors
- Balloon payment risk at May 2036 maturity — the note explicitly states the lender has no obligation to refinance.
- Interest rate risk: floating rate with a 7.25% minimum during the advance period and 6.00% minimum during amortization.
- Construction completion risk: the company stated it cannot be certain of the timing and amounts of future draw downs.
- DSCR covenant breach could trigger a static reserve requirement or default.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001206774-26-000284 |
| Document: mays4638551-8k.htm | 0001206774-26-000284 |
| Document: 0001206774-26-000284-index-headers.html | 0001206774-26-000284 |
| Document: 0001206774-26-000284-index.html | 0001206774-26-000284 |
| Document: 0001206774-26-000284.txt | 0001206774-26-000284 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $39.50 $41.00 | ▼ −3.80% | ▼ −4.32% | $46.65 (−18.10%) |
Oct 22, 2026 5d ago | DEF 14A | $39.50 $41.00 | ▼ −3.80% | ▼ −4.32% | $46.65 (−18.10%) |
Oct 15, 2026 12d ago | 8-K | $39.50 $39.50 | · 0.00% | ▲ +1.11% | $46.65 (+18.10%) |
Jun 11, 2026 19w ago | 8-K | $41.60 $41.60 | · 0.00% | ▲ +0.54% | $46.65 (−12.14%) |
May 15, 2026 23w ago | 8-K | $41.05 $40.70 | ▼ −0.85% | ▼ −0.20% | $46.65 (+13.64%) |
Apr 14, 2026 28w ago | 8-K | $40.49 $40.40 | ▼ −0.22% | ▼ −0.48% | $46.65 (+15.21%) |
Mar 12, 2026 32w ago | 8-K | $46.35 $46.35 | · 0.00% | ▲ +0.60% | $46.65 (+0.65%) |
US Market Status
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