secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2026-04-29T23:59:59+00:00
Accession:  0001104659-26-051589
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465926051589/0001104659-26-051589-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465926051589/tm2613117d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-051589

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