---
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"
generated_at: "2026-06-11T09:27:11.255091+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Clipper Realty refinances Dean Street development with $115M senior construction loan and $8M mezzanine loan

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-023766
- JSON: https://secwatch.observer/filing/0001437749-23-023766.json
- Plain text: https://secwatch.observer/filing/0001437749-23-023766.txt

## Key facts
- Debt Financings
  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
  source text: senior construction loan (“Senior Loan”) that permits borrowings up to $115 million with Valley National Bank
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm
- Debt Financings
  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
  source text: a Mezzanine Loan (combined “Construction Loans”) that permits borrowings up to $8 million with BADF 953 Dean Street Lender LLC
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm
- Debt Financings
  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
  source text: a $5 million corporate line of credit with Valley National Bank. The line of credit bears interest of Prime + 1.5%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm
- Material Agreements
  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
  source text: (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_url: https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm
- Material Agreements
  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
  source text: a Mezzanine Loan (combined “Construction Loans”) that permits borrowings up to $8 million with BADF 953 Dean Street Lender LLC
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm

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