Trinity Place Holdings Inc (TPHS)

[Enterprising Investor]

Forbearance Agreements (10/15/21)

The Forbearance Agreements terminated automatically in accordance with their terms on 10/01/21. On 10/08/21, TPHS entered into new forbearance agreements with the 77 Greenwich Lender, the Mezzanine Loan Lender and the CCF Lender, with effect as of 10/01/21, which are substantially similar to the Forbearance Agreements, reflect certain additional events of default that occurred after the date of the Forbearance Agreements, and extended the forbearance period through 10/29/21.

On 10/07/21, the Company entered into a loan agreement with its partner in the 50-50 joint venture owning The Berkley, a high end residential apartment building in Williamsburg, Brooklyn, pursuant to which the partner will lend the Company up to $10,500,000 in principal amount, $500,000 of which proceeds are available only to be applied to interest payments, secured by the Company’s interest in the joint venture entity, maturing in one year, with two additional 12-month extension options subject to satisfaction of certain conditions. The loan bears interest at a rate of 10% per year, with a portion deferred until maturity. The proceeds of the loan are planned to be part of the sources and uses for the refinancing of the 77 Greenwich construction loan with a new inventory loan.