IIP expands Alewife Park mezzanine loan to $400M, funds $111M at closing at ~15.8% yield

INNOVATIVE INDUSTRIAL PROPERTIES INC

IIP Life Science II increased the Alewife Park mezzanine loan by $267.0M to $400.0M total, with IIP providing up to $245.0M under new Note B.
IIP funded ~$111.0M at closing, repaying the borrower's $85.0M bridge loan; remaining $134M expected to be funded through Q4 2027.
Loan yields ~15.8% with a 14% floor, matures February 2028 with a one-year extension option; IIP may buy other lender's notes up to $155M.
Alewife Park is a 27-acre Cambridge, MA life science campus with 392,000 sq ft in Phase I, 78% leased to Lila Sciences.

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