Clipper Realty subsidiary's $100M loan accelerated; disputes default

Clipper Realty Inc.

Special servicer notified on Nov 11, 2024 that $100M loan for 141 Livingston property was accelerated due to alleged failure to make reserve payments starting July 2024.
Lender demands $100M principal, ~$5M default yield maintenance premium, $10M reserve deposit, and ~$1.6M default interest and penalties.
Company believes it made timely payments and servicer misinterpreted loan terms; no current obligation to make reserve deposits.
Good-faith discussions underway under pre-negotiation agreement; lender may exercise remedies if unresolved.

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