Current Report Filing (8-k)
April 29 2022 - 10:43AM
Edgar (US Regulatory)
0000746514
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0000746514
2022-04-25
2022-04-25
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xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event
reported) April 29, 2022 (April 25,
2022)
NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in
Charter)
| Massachusetts |
0-12138 |
04-2619298 |
| (State or Other Jurisdiction |
(Commission |
(IRS Employer |
| of Incorporation) |
File Number) |
Identification Number) |
| 39 Brighton Avenue, Allston, Massachusetts |
02134 |
| (Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code (617) 783-0039
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(g) of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange
on which registered |
| CLASS A LIMITED PARTNERSHIP UNITS |
|
NEN |
|
NYSE AMERICAN |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01 Entry Into a Material Definitive
Agreement.
On April 25, 2022, New England Realty Associates Limited Partnership
(the “Partnership”) and certain affiliates of the Partnership entered into an addition to the Rate Lock Authorization Agreement
(the “Agreement”) with Keybank National Associates (“Keybank”) dated as of November 10, 2021, and paid the
requisite deposit of $1,599,100. The agreement calls for a loan of approximately $79,955,000 at a fixed interest rate of 4.33%.The Partnership
intends to use the proceeds to pay down approximately $37,147,000 of existing debt secured by 4 properties, along with approximately $1,895,000
in prepayment penalties. The remaining balance of the facility of approximately $40,913,000 will be used for general partnership purposes.
The description of the terms of the agreement is qualified by reference to the text of the Rate Lock Authorization Agreements which are
filed as Exhibit 10.1 with this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
10.1 Rate Lock Authorization Agreements dated as of April 25, 2022, by and between Keybank National Associates as the Lender, and New England Realty Associates Limited Partnership as the Borrower.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP |
| |
|
| |
|
| |
By: |
NewReal, Inc., its General Partner |
| |
|
|
| |
|
By |
/s/ Jameson Brown |
| |
|
|
Jameson Brown, its Treasurer |
| Date April 29, 2022 |
|
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