Clipper Realty Inc. (CLPR): debt financing — Clipper Realty refinances Dean Street development with $115M senior construction loan and $8M mezzanine loan

Clipper Realty Inc.

Refinanced $37M mortgage on Dean Street with $115M senior construction loan from Valley National Bank and $8M mezzanine loan from BADF 953 Dean Street Lender LLC.
Senior loan: 30-month term, two 6-month extensions, interest at 1-Month Term SOFR + 3.75% (floor 5.50%). Mezzanine: SOFR + 10% (floor 13%).
Loans will finance development of 240 residential units and 9,319 sq ft commercial space at 951-953 Dean Street, Brooklyn.
Also entered $5M corporate line of credit with Valley National Bank at Prime + 1.5%; no initial draw.
Company provided 30% payment guarantee on outstanding borrowings under senior loan.

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

Clipper Realty Inc. incurred credit facility of up to $115 million with Valley National Bank at 1-Month Term SOFR plus 3.75%, with an all-in floor of 5.50% maturing 30-month term.

Instrument: credit facility
Principal: up to $115 million
Counterparty: Valley National Bank
Rate: 1-Month Term SOFR plus 3.75%, with an all-in floor of 5.50%
Maturity: 30-month term
Event: incurrence

Exact text from the filing

senior construction loan (“Senior Loan”) that permits borrowings up to $115 million with Valley National Bank

View on SEC.gov

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

Clipper Realty Inc. incurred loan of up to $8 million with BADF 953 Dean Street Lender LLC at 1-Month Term SOFR plus 10%, with an all-in floor of 13% maturing 30-month term.

Instrument: loan
Principal: up to $8 million
Counterparty: BADF 953 Dean Street Lender LLC
Rate: 1-Month Term SOFR plus 10%, with an all-in floor of 13%
Maturity: 30-month term
Event: incurrence

Exact text from the filing

a Mezzanine Loan (combined “Construction Loans”) that permits borrowings up to $8 million with BADF 953 Dean Street Lender LLC

View on SEC.gov

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

Clipper Realty Inc. incurred revolving credit of $5 million corporate line of credit with Valley National Bank at Prime + 1.5%.

Instrument: revolving credit
Principal: $5 million corporate line of credit
Counterparty: Valley National Bank
Rate: Prime + 1.5%
Event: incurrence

Exact text from the filing

a $5 million corporate line of credit with Valley National Bank. The line of credit bears interest of Prime + 1.5%

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Clipper Realty Inc. entered into Senior Loan with Valley National Bank valued at up to $115 million (effective 2023-08-10).

Action: entry
Agreement: credit facility
Counterparty: Valley National Bank
Value: up to $115 million
Effective: 2023-08-10

Exact text from the filing

On August 10, 2023, Clipper Realty Inc. (the “Company”) refinanced its $37 million mortgage on its Dean Street development with a senior construction loan (“Senior Loan”) that permits borrowings up to $115 million with Valley National Bank

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Clipper Realty Inc. entered into a credit facility with Valley National Bank valued at $5 million (effective 2023-08-10).

Action: entry
Agreement: credit facility
Counterparty: Valley National Bank
Value: $5 million
Effective: 2023-08-10

Exact text from the filing

(the “Company”) refinanced its $37 million mortgage on its Dean Street development with a senior construction loan (“Senior Loan”) that permits borrowings up to $115 million with Valley National Bank and a Mezzanine Loan (combined “Construction Loans”) that permits borrowings up to $8 million with BADF 953 Dean Street Lender LLC.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Clipper Realty Inc. entered into Mezzanine Loan with BADF 953 Dean Street Lender LLC valued at up to $8 million (effective 2023-08-10).

Action: entry
Agreement: credit facility
Counterparty: BADF 953 Dean Street Lender LLC
Value: up to $8 million
Effective: 2023-08-10

Exact text from the filing

a Mezzanine Loan (combined “Construction Loans”) that permits borrowings up to $8 million with BADF 953 Dean Street Lender LLC

View on SEC.gov

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Clipper Realty Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-023766

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