secwatch.observer — SEC 8-K summary
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Issuer:     Clipper Realty Inc. (CLPR)
CIK:        0001649096
Form:       8-K
Filed at:   2023-08-15T23:59:59+00:00
Accession:  0001437749-23-023766
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/0001437749-23-023766-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649096/000143774923023766/clpr20230811_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-023766

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