BellRock
BellRock Brands announces that its subsidiary, Ironton Properties, has finalized the sale of its Denver real property (the "Property") to a third party buyer for $2.5 million.
Approximately $2 million of proceeds from the sale were used to fully repay a Promissory Note entered into in May of 2022. The remaining proceeds, after fees and other costs associated with the Property sale, will be used to pay down a portion of a $3.85 million Secured Promissory Note held by a consortium of private lenders.
The sale of the Property and related paydown of the company's debt is part of BellRock's strategy to optimize returns on invested capital and deleverage its balance sheet.
