Cuentas Inc. (NASDAQ:CUEN), a wholesale grocery distributor, reported on Friday that a deal to sell its Brooksville, Florida property has been terminated. The transaction for the property, located at 19200 Cortez Boulevard, was called off by the buyer on June 7, 2024, the final date for the return of their refundable escrow deposit.
The property, acquired on April 28, 2023, for $5.05 million, was under contract to be sold for $7.2 million. Cuentas contributed $2 million to the original purchase price and approximately $65,000 towards engineering expenses. The mortgage on the property, held by Republic Bank of Chicago, was amended and restated on January 27, 2024, for $3.055 million.
Additionally, a $500,000 Loan Extension Agreement was executed to fund the interest reserve and fees related to the Loan Extension Agreement and the working capital needs of the company.
Brooksville Development Partners, LLC, the entity holding the property, is a joint venture consisting of Brooksville Development DE, LLC, Cuentas Inc., and Brooksville FL Partners, LLC, with Cuentas holding a 63% membership interest.
Despite the setback, Cuentas is not restricted from offering the property to other potential buyers or developers. The company received definitive notice on July 11, 2024, that the buyer was no longer able to commit to the purchase. This information is based on a press release statement from Cuentas Inc. filed with the SEC.
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