Clipper Realty Inc. (CLPR): debt financing — Clipper Realty closes $160M refinancing for Dean Street Property; repays $126M prior loans

Clipper Realty Inc.

Entered $115M senior and $45M mezzanine loans with MF1 Capital; additional $18.2M available under mezzanine.
Loans mature May 2027, with three one-year extensions; interest rate 2.65% plus 1M SOFR (floor 2.25%).
Repaid ~$126M in principal and accrued interest under prior $115M senior and $8M mezzanine construction loans.
Deposited $4.3M shortfall reserve and $1.6M completion reserve; purchased interest rate cap at 6% SOFR.
Incurred ~$3.1M in closing costs for new loans; no fees from termination of prior agreements.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Clipper Realty Inc. incurred credit facility of $45 million with MF1 Capital LLC at 2.65% rate, plus 1-Month CME Term SOFR (with a floor of 2.25%) maturing initial May 2027 maturity date, with three one-year extensions available upon meeting the applicable extension conditions.

Instrument: credit facility
Principal: $45 million
Counterparty: MF1 Capital LLC
Rate: 2.65% rate, plus 1-Month CME Term SOFR (with a floor of 2.25%)
Maturity: initial May 2027 maturity date, with three one-year extensions available upon meeting the applicable extension conditions
Event: incurrence

Exact text from the filing

(the “Company”), entered into the Multifamily Loan and Security Agreement (the “Loan Agreement”) with MF1 Capital LLC, a Delaware limited liability company (“MF1 Capital”), dated as of May 2, 2025.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Clipper Realty Inc. incurred credit facility of $115 million with MF1 Capital LLC at 2.65% rate, plus 1-Month CME Term SOFR (with a floor of 2.25%) maturing initial May 2027 maturity date, with three one-year extensions available upon meeting the applicable extension conditions.

Instrument: credit facility
Principal: $115 million
Counterparty: MF1 Capital LLC
Rate: 2.65% rate, plus 1-Month CME Term SOFR (with a floor of 2.25%)
Maturity: initial May 2027 maturity date, with three one-year extensions available upon meeting the applicable extension conditions
Event: incurrence

Exact text from the filing

(the “Company”), entered into the Multifamily Loan and Security Agreement (the “Loan Agreement”) with MF1 Capital LLC, a Delaware limited liability company (“MF1 Capital”), dated as of May 2, 2025.

View on SEC.gov

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Clipper Realty Inc. filing history →

Source: SEC EDGAR

accession 0001437749-25-015484

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