Seritage Growth Properties signs USD 40 million loan facilities with b1Bank

Seritage Growth Properties affiliates entered new financing with b1Bank on July 24, 2026: a USD 15 million term loan facility.

The company also signed a USD 25 million revolving loan facility; USD 15 million was drawn at closing, leaving USD 10 million undrawn.

Proceeds repaid the remaining USD 50 million balance on its Berkshire Hathaway senior secured term loan, terminating the 2018 facility.

Term loan pricing was set at one-month SOFR + 2.75%, stepping down to SOFR + 2.25% if the balance falls to USD 10 million.

Both facilities mature July 24, 2028, with a one-year extension option; the revolver is cash-collateralized by USD 25 million of restricted cash.