The $51mil loan was a construction loan for the St Paul property, for full renovation, expansion, complete mechanic lien payoff, and 100% payoff of the original loan on that property (purchase price of $32mil.)
They bought the property for $32mil, and at the time the $51million construction loan was issued, they had a remaining principal balance of $28mil plus $1mil in interest in the St Paul property, plus mechanic liens for work completed.
They were definitely in trouble before selling the St Paul property, because they had roughly $66 million in total real estate holdings (including other multi-million$ properties) that they needed to sell, putting them cash flow negative until the $98mil St Paul sale that just happened, and lost their CFO, a couple of board members, and their accounting firm (who is probably hating life today)..
They just cleared over $40million on St Paul, which is enough to pay off every mortgage they have outstanding, leaving them a $30+ million asset value on remaining properties (minimum), pay any and every SEC-required expense to get current, while doing so with zero debt and millions in rental income.
At 17mil OS, in my opinion this has the highest multi-bagger potential in the OTC.
