Monitor construction progress and cost overruns at the Savannah project; the Completion Guaranty exposes MDRR to funding overruns. Loan maturity in October 2027 with extension options — watch for refinancing risk if project completion is delayed.
Price Chart
Executive Summary
Medalist Diversified's operating partnership guaranteed a $13.8 million construction loan for a Savannah, GA multifamily townhome project via a joint venture with Spandrel Development. The loan bears interest at the greater of 11.5% or Prime + 4.75%, matures October 2027, and is secured by a first mortgage. The company committed $4.0 million for an ~42% preferred equity interest in the JV. This is a routine project financing with no material standalone impact on MDRR's financials.
Key Financial Metrics
Key Facts
- Loan principal: $13,800,000 for construction of multifamily townhomes at 1025 West Gwinnett Street, Savannah, GA
- Loan structure: $5,050,000 initial funding + $8,750,000 construction reserve
- Interest rate: greater of 11.5% or WSJ Prime + 4.75%, floor 11.5%
- Maturity: October 9, 2027, with up to three extension options
- Minimum aggregate interest obligation: $940,000 during initial term
- MDRR committed $4.0 million to Mira JV for ~42% preferred equity interest
- Guarantors: Medalist Diversified Holdings, L.P. and Spandrel Sponsors Fund II, LP (joint and several)
- Guaranty types: Non-Recourse Carveout, Completion, and Environmental Indemnity
- Contribution Agreement allocates losses between guarantors by fault and pro rata share
Financial Impact
$13.8M construction loan secured by property; MDRR's contingent liability is capped by carveout/recourse provisions and shared with co-guarantor
Risk Factors
- Construction cost overruns triggering the Completion Guaranty
- Interest rate risk: variable rate at Prime + 4.75% with 11.5% floor
- Project completion delay could strain guarantors
- Environmental liability under the Environmental Indemnity for brownfield site
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-115493 |
| Document: mdrr-ex10d3.htm | 0001104659-26-115493 |
| Document: mdrr-ex10d4.htm | 0001104659-26-115493 |
| Document: mdrr-20261009x8k.htm | 0001104659-26-115493 |
| Document: mdrr-ex10d2.htm | 0001104659-26-115493 |
| Document: 0001104659-26-115493-index-headers.html | 0001104659-26-115493 |
| Document: 0001104659-26-115493-index.html | 0001104659-26-115493 |
| Document: 0001104659-26-115493.txt | 0001104659-26-115493 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 8-K | $10.70 | awaiting T+20 | — | $10.11 (−5.51%) |
Oct 13, 2026 14d ago | 8-K | $10.51 | awaiting T+20 | — | $10.11 (−3.76%) |
Oct 6, 2026 21d ago | 8-K | $10.08 | awaiting T+20 | — | $10.11 (+0.30%) |
Sep 18, 2026 5w ago | 8-K | $11.33 $10.70 | ▼ −5.56% | ▼ −4.65% | $10.11 (−10.77%) |
Aug 5, 2026 11w ago | 8-K | $12.17 $12.20 | ▼ −0.25% | ▼ −0.85% | $10.11 (+16.93%) |
Jul 13, 2026 15w ago | 8-K | $11.21 $12.17 | ▲ +8.56% | ▲ +5.38% | $10.11 (−9.81%) |
Jun 17, 2026 18w ago | 8-K | $11.70 $11.61 | ▼ −0.81% | ▼ −1.34% | $10.11 (−13.59%) |
Jun 9, 2026 20w ago | 8-K | $11.35 $11.21 | ▼ −1.23% | ▼ −4.86% | $10.11 (−10.93%) |
May 6, 2026 24w ago | 8-K | $11.56 $10.96 | ▼ −5.19% | ▼ −7.97% | $10.11 (−12.54%) |
Mar 6, 2026 33w ago | Insider Cluster | $11.31 $11.24 | ▼ −0.57% | ▼ −4.35% | $10.11 (−10.58%) |
US Market Status
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