Marbury Plaza gets final approval of $10 million DIP facility

By Sarah Lizee

Olympia, Wash., Sept. 18 – MP PPH LLC received final approval of a $10 million debtor-in-possession facility, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Columbia.

The debtor owns the Marbury Plaza, a 674-unit low-income tax credit and market-rate multifamily apartment complex in Washington, D.C.

As previously reported, the company asked for approval to use its $10 million prepetition credit facility as a DIP facility.

The lender is PP & H Realty, LLC, the 100% equity owner of the debtor.

Interest on the DIP loan is 7%. If the debtor elects to extend the maturity date to July 31, 2025, the interest rate will rise to 8%, effective July 31, 2024.

The loan provides for a balloon payment of all outstanding principal and interests on or before the earlier of a sale of the property or July 31, 2024.

The Melville, N.Y.-based single asset real estate company filed Chapter 11 bankruptcy on Aug. 31 under case number 23-00246.

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