Okay, yes, I specifically asked was the loan being split into two separate notes and it wasn't addressed. Yes, I agree with Dan. Both notes will likely be reportable when they are put into permanent financing. However, the current transaction is considered temporary financing.
5. Two or more debt obligations. Section 1003.2(p) provides that, to be a refinancing, a new debt obligation must satisfy and replace an existing debt obligation. Where two or more new obligations replace an existing obligation, each new obligation is a refinancing if, taken together, the new obligations satisfy the existing obligation. Similarly, where one new obligation replaces two or more existing obligations, the new obligation is a refinancing if it satisfies each of the existing obligations.