Clipper Realty subsidiary refinances $80M loan with new $84.5M loan at 5.73%, due 2030

Clipper Realty Inc.

New $84.5M loan secured by 1010 Pacific Street, Brooklyn; bears 5.73% interest, matures Oct 6, 2030.
Repaid prior $80M Valley National Bank loans ($60M at 5.55%, $20M at 6.37%) on Oct 1, 2025.
Paid ~$80.4M in principal and accrued interest; incurred ~$1.7M closing costs and ~$0.2M in escrows.
Net proceeds to company of ~$2.1M from the refinancing; no termination fees on prior loan.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Clipper Realty Inc. incurred credit facility of $84.5 million with Citi Real Estate Funding Inc., a New York corporation, and Morgan Stanley Bank, N.A., a national banking association at 5.73% rate per annum maturing October 6, 2030.

Instrument: credit facility
Principal: $84.5 million
Counterparty: Citi Real Estate Funding Inc., a New York corporation, and Morgan Stanley Bank, N.A., a national banking association
Rate: 5.73% rate per annum
Maturity: October 6, 2030
Event: incurrence

Exact text from the filing

The Loan Agreement provides for the $84.5 million loan to 1010 Pacific (the “Loan”). The Loan has a maturity date of October 6, 2030 and bears interest at a 5.73% rate per annum.

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Clipper Realty Inc. filing history →

Source: SEC EDGAR

accession 0001437749-25-030532

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