Rocky Mountain Chocolate Factory signs $6.6 million sale-leaseback of Durango property
RMCF•Rocky Mountain Chocolate Factory signed a $6.6 million sale-leaseback of its Durango property, with net proceeds earmarked to repay a $6.6 million promissory note carrying 12% annual interest.
1. Sale-leaseback terms
The 10-year lease includes a 10-year renewal option, with first-year rent of $624,000 rising 2% annually. The Durango property will continue to serve as the company’s headquarters, production and warehouse site. The counterparty, American Heritage Legacies, is controlled by Interim CEO Allen Harper’s family.
