MacKenzie Realty Capital Announces Forbearance Agreement, Refinancing

ORINDA, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- MacKenzie Realty Capital, Inc. (NASDAQ:MKZR) ("MacKenzie" or the "Company") and its adviser's affiliated brokerage, Wiseman Commercial, Inc., is pleased to announce today that it has reached an Agreement with First Northern Bank of Dixon to pay down and extend the loan on the Company's Napa Innovation Center, f/k/a Main Street West. The Company also announced the closing of a new loan on its property in Hollywood, California.

Napa Innovation Center/Main Street West Agreement

The Company has reached a definitive agreement with First Northern Bank to continue the ownership and operation of the Napa Innovation Center, formerly known as Main Street West, located at 1250 Main Street in downtown Napa. This agreement secures the future of the property and underscores the continued commitment to the growth and development of the Napa business community.

The Napa Innovation Center has been home to a wide range of valued tenants, and we express our deep appreciation for their patience and understanding as the ownership group worked through the complexities of a financial agreement following the departure of anchor tenant AUL Corp. Their cooperation has been essential, and we look forward to continuing to provide a high-quality, innovative workspace for current and future tenants.

In addition to the strong and diverse current tenant base, the Napa Innovation Center has received significant interest from large corporate and public sector entities. Multiple tours of the building have been conducted, and it is actively being shown and marketed to potential new tenants. We anticipate announcing new leases soon, signaling a bright future for the property.

As the exclusive leasing agent for the Napa Innovation Center, Wiseman Commercial, Inc. is excited to ...