secwatch.observer — SEC 8-K summary
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Issuer:     Clipper Realty Inc. (CLPR)
CIK:        0001649096
Form:       8-K
Filed at:   2025-05-08T23:59:59+00:00
Accession:  0001437749-25-015484
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 1.02, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Clipper Realty closes $160M refinancing for Dean Street Property; repays $126M prior loans
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649096/000143774925015484/0001437749-25-015484-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649096/000143774925015484/clpr20250508_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-015484

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