{"schema_version":"secwatch.filing_event.v1","accession":"0001437749-23-023766","form_type":"8-K","ticker":"CLPR","cik":"0001649096","company_name":"Clipper Realty Inc.","filed_at":"2023-08-15T23:59:59+00:00","discovered_at":"2026-05-14T18:03:34.680402+00:00","generated_at":"2026-06-11T09:27:11.255091+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Clipper Realty refinances Dean Street development with $115M senior construction loan and $8M mezzanine loan","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001437749-23-023766","json":"https://secwatch.observer/filing/0001437749-23-023766.json","markdown":"https://secwatch.observer/filing/0001437749-23-023766.md","text":"https://secwatch.observer/filing/0001437749-23-023766.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/clpr20230811_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-11T09:27:11.255091+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0e998621549448619c54efa1ee02424e7ebe3481","claim":"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.","evidence_excerpt":"senior construction loan (“Senior Loan”) that permits borrowings up to $115 million with Valley National Bank","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"up to $115 million"},{"label":"Counterparty","value":"Valley National Bank"},{"label":"Rate","value":"1-Month Term SOFR plus 3.75%, with an all-in floor of 5.50%"},{"label":"Maturity","value":"30-month term"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"705f4e5834606c044063d8d35e569d7591622b1a","claim":"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.","evidence_excerpt":"a Mezzanine Loan (combined “Construction Loans”) that permits borrowings up to $8 million with BADF 953 Dean Street Lender LLC","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"up to $8 million"},{"label":"Counterparty","value":"BADF 953 Dean Street Lender LLC"},{"label":"Rate","value":"1-Month Term SOFR plus 10%, with an all-in floor of 13%"},{"label":"Maturity","value":"30-month term"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"855436747413012d9582a5952ceaf68157b588f3","claim":"Clipper Realty Inc. incurred revolving credit of $5 million corporate line of credit with Valley National Bank at Prime + 1.5%.","evidence_excerpt":"a $5 million corporate line of credit with Valley National Bank. The line of credit bears interest of Prime + 1.5%","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$5 million corporate line of credit"},{"label":"Counterparty","value":"Valley National Bank"},{"label":"Rate","value":"Prime + 1.5%"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"2584a3721a30f45ba4bd2452c699774d26450aed","claim":"Clipper Realty Inc. entered into Senior Loan with Valley National Bank valued at up to $115 million (effective 2023-08-10).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Valley National Bank"},{"label":"Value","value":"up to $115 million"},{"label":"Effective","value":"2023-08-10"}],"fact_type":"material_agreement"},{"claim_id":"41676fe6eccd0a945e94e805378e6af17efe3261","claim":"Clipper Realty Inc. entered into a credit facility with Valley National Bank valued at $5 million (effective 2023-08-10).","evidence_excerpt":"(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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Valley National Bank"},{"label":"Value","value":"$5 million"},{"label":"Effective","value":"2023-08-10"}],"fact_type":"material_agreement"},{"claim_id":"54a4654de2a8c4ce452cd814afd216f34d2e84e6","claim":"Clipper Realty Inc. entered into Mezzanine Loan with BADF 953 Dean Street Lender LLC valued at up to $8 million (effective 2023-08-10).","evidence_excerpt":"a Mezzanine Loan (combined “Construction Loans”) that permits borrowings up to $8 million with BADF 953 Dean Street Lender LLC","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"BADF 953 Dean Street Lender LLC"},{"label":"Value","value":"up to $8 million"},{"label":"Effective","value":"2023-08-10"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}