8-K - J.W. Mays, Inc. | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

J.W. Mays, Inc.'s subsidiary entered into a $6.2 million loan agreement with Putnam County National Bank, secured by a property and guaranteed by the company, with proceeds used to repay existing debt and for property maintenance.

Key Takeaways

1Subsidiary J.W.M. Realty Corp. obtained a $6.2 million loan at 7.00% fixed interest, due April 1, 2031, with monthly payments of $48,068.53.

2The loan is secured by a first mortgage on the Circleville, Ohio property and is guaranteed by J.W. Mays, Inc.

3Proceeds will be used to repay $3,135,704 of existing secured debt with the same lender and for property maintenance and tenant onboarding.

4Prepayment penalties apply: 3% of principal in year one, 2% in year two, and 1% in year three.

5A board member, Dean L. Ryder, is affiliated with the lender, but the loan terms were generally available to other borrowers.

Current Report Details

Event Type

Material Agreement

Financing

Disclosure

Mandatory

Variant

8-K

Items Reported

1.01

Entry into a Material Definitive Agreement.** ** ** On March 27, 2026, J.W.M. Realty Corp., a wholly owned subsidiary (the “**Borrower**”) of J.W. Mays, Inc. (t

Material Agreement

$6.2M$48068.53B$3.1M

Source Document

2.03

. | Item 9.01 | Financial Statements and Exhibits . | |---|---| (d) Exhibits. | Exhibit No. | | Description | |---|---|---| | 10.1 | | Loan Agreement, dated Mar

Financing

Transaction Details

Debt / Financing

Instrument: Loan
Principal: 6200000
Rate: 7
Maturity: 2031-04-01
Use of Proceeds: Repay existing secured loan ($3,135,704) and for maintenance, repairs, and onboarding of new tenants on various properties

Exhibits (2)

10.1

LOAN AGREEMENT, DATED MARCH 27, 2026, BETWEEN J.W.M REALTY CORP, AS BORROWER, J.W. MAYS, INC., AS GUARANTOR AND THE PUTNAM COUNTY NATIONAL BANK OF CARMEL, AS LENDER

8-K

CURRENT REPORT