---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-051589"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2026-04-29T23:59:59+00:00"
generated_at: "2026-05-15T02:15:31.689696+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-051589
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2026-04-29T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1677576/000110465926051589/0001104659-26-051589-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465926051589/tm2613117d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-051589
- JSON: https://secwatch.observer/filing/0001104659-26-051589.json
- Plain text: https://secwatch.observer/filing/0001104659-26-051589.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1677576/000110465926051589/0001104659-26-051589-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.