Charter enters $22.4 million promissory note with interest of 3.5%-4.5%

By Wendy Van Sickle

Columbus, Ohio, May 17 – Charter DMN Holdings, LP entered a $22.4 million promissory note with Dallas Morning News, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The promissory note relates to Charter’s purchase of property located at 508 Young St. in Dallas from the Morning News, a subsidiary of A. H. Belo Corp. The property is the former campus of the newspaper.

The unpaid principal balance of the note bears interest at the rate of 3.5% per year from the date of the note through June 30, 2020 and 4.5% per year from July 1, 2020 through the maturity on June 30, 2021.

The notes are secured by a first priority lien on the property.

The $28 million purchase price of the property also includes $5.6 million paid in cash.

Charter Holdings is a Dallas-based real estate entity owned by Ray W. Washburne.

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