American Spectrum Realty to realize $800,000 gain in Q3

theflyonthewall.com

American Spectrum Realty has successfully satisfied the loan with one of its banks. The Company’s loan had been restructured, but the bank had offered a significant discount for the loan to be paid off early. The Company paid the bank $1M for a complete satisfaction of the loan, which had a principal balance and accrued interest due of approximately $1.8M. The Company anticipates that a gain of approximately $800,000 will be recognized on the transaction during Q3.

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