IIP subsidiary obtains $20M secured term loan at 9.00% from Generations Bank

INNOVATIVE INDUSTRIAL PROPERTIES INC

Borrower IIP-IL 2 LLC, indirect subsidiary of IIP, issued $20M promissory note to Generations Bank.
Note bears 9.00% fixed interest, matures April 22, 2029; interest-only first 12 months, then 20-yr amortization with balloon.
Loan secured by mortgages on properties in Kankakee and Will Counties, Illinois, and other collateral.
Parent Innovative Industrial Properties guarantees borrower's obligations under the loan.
Origination fee of 1.50% of principal; prepayment penalties apply for first 30 months.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred term loan of $20.0 million with Generations Bank at 9.00% per annum maturing April 22, 2029.

Instrument: term loan
Principal: $20.0 million
Counterparty: Generations Bank
Rate: 9.00% per annum
Maturity: April 22, 2029
Event: incurrence

Exact text from the filing

issued a promissory note (the "Note") in favor of Generations Bank (the "Lender") evidencing a $20.0 million secured term loan (the "Loan") maturing on April 22, 2029. The Note bears interest at a fixed rate of 9.00% per annum

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Source: SEC EDGAR

accession 0001104659-26-051589

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