FINANCIAL_SERVICESAMENDED

Magnolia Public Schools Board of Directors Resolution March 2026

MPS Amends & Extends $7.8M Property Loan with CLI Capital

$7,825,000 (original principal) plus $715,000 accrued interest, with monthly payments of $141,572 from February 2026 through March 1, 2027 (approx. $1.84 million for extension period)Magnolia ElementaryCLI CAPITALMarch 8, 2026

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Description

Magnolia Educational & Research Foundation approved a modification and extension of its acquisition loan from CLI Capital for 18120 Sherman Way. The $7.825 million loan's maturity date was extended to March 1, 2027, with monthly payments of $141,572 over the extension period, restructuring the repayment of $715,000 in accrued interest.

Contract Details

Contract Amount

$7,825,000 (original principal) plus $715,000 accrued interest, with monthly payments of $141,572 from February 2026 through March 1, 2027 (approx. $1.84 million for extension period)

Vendor

CLI CAPITAL

Agency

Magnolia Elementary, CA

Contract Type

FINANCIAL_SERVICES

Document Date

March 8, 2026

Contract Term

Original maturity February 1, 2026; extended to March 1, 2027 (13-month extension)

Renewal Date

2027-03-01

Renewal Info

Original maturity date was February 1, 2026; the Board exercised its contractual right to extend the loan maturity by 13 months and restructured the required interest payment. Prior approvals included loan (Jan 2025) and assignment to LLC (Dec 2025). This is a formal amendment to loan terms, security instruments, and maturity.