On May 2, 2025, Clipper Realty Inc., through its subsidiary Dean Owner LLC, entered into a new financing agreement with MF1 Capital LLC. The agreement, known as the Multifamily Loan and Security Agreement, provides a $115 million loan to Dean Owner. Concurrently, Dean Member LLC, another subsidiary of Clipper Realty, secured a $45 million loan through the Mezzanine Multifamily Loan and Security Agreement with MF1 Capital. These agreements, collectively referred to as the New Loan Agreements, have an initial maturity date of May 2027, with options for three one-year extensions. The loans bear interest at a rate of 2.65% plus 1-Month CME Term SOFR, with a cap on the SOFR portion at 6%. The company also repaid previous loans under agreements with Valley National Bank and BADF 953 Dean Street Lender LLC on the same date. The New Loan Agreements include customary representations, covenants, and options for additional borrowing based on performance targets.
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