Clipper Realty Inc. — fact timeline

Clipper Realty Inc. amended Loan Modification Agreement with Wells Fargo Bank, National Association, as trustee for the benefit of the registered holders of certain commercial mortgage pass-through certificates related to the Loan valued at approximately $2.2 million (effective 2025-12-30).

“On December 24, 2025, the Borrower, the Operating Partnership, and the Company entered into the Loan Modification Agreement (the “Agreement”) with Wells Fargo Bank, National Association, as trustee for the benefit of the registered holders of certain commercial mortgage pass-through certificates related to the Loan (collectively, the “Lender”), to settle the ongoing litigation between the Lender, the Borrower, the Company and the Operating Partnership. The Agreement became effective on December 30, 2025. Pursuant to the Agreement, the Borrower provided a $10 million renewal tenant reserve account letter of credit and paid fees of approximately $2.2 million to the special servicer and to counsel to the Lender, the Lender waived its claimed late charges and default interest, agreed to dismiss with prejudice the pending foreclosure actions, and approved the previously submitted five-year lease extension with the Property’s New York City tenant effective December 28, 2025.”

Clipper Realty Inc. amended loan with Wells Fargo Bank, National Association, as trustee.

“On December 24, 2025, the Borrower, the Operating Partnership, and the Company entered into the Loan Modification Agreement (the “Agreement”) with Wells Fargo Bank, National Association, as trustee for the benefit of the registered holders of certain commercial mortgage pass-through certificates related to the Loan (collectively, the “Lender”), to settle the ongoing litigation between the Lender, the Borrower, the Company and the Operating Partnership. The Agreement became effective on December 30, 2025.”

Clipper Realty Inc. faced acceleration on loan of $125.0 million with Wilmington Trust, NA, as trustee for the holders of GSMS 2019-GC40 Mortgage Trust Commercial Pass-Through Certificates at 3.63% maturing June 6, 2029.

““Company”), entered into the Loan Agreement, dated as of May 31, 2019 (the “Loan Agreement”), with Citi Real Estate Funding Inc., related to a loan in the principal amount of $125.0 million (the “Loan”). The Loan is evidenced by certain promissory notes (the “Notes”) and secured by the Company’s 250 Livingston Street property in Brooklyn, New York (the “Property”).”

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.

“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.”

Clipper Realty Inc. completed a disposition involving 10 West 65, LLC for gross proceeds of $45.5 million less approximately $1.9 million in closing costs (closed 2025-05-30).

“On May 30, 2025, the Company completed the sale of the Property (the “Sale Transaction”) pursuant to the Purchase and Sale Agreement (the “Agreement”) with 10 West 65, LLC, a limited liability company not affiliated with the Company (“Purchaser”) dated as of April 2, 2025 (the “Effective Date”) for gross proceeds of $45.5 million less approximately $1.9 million in closing costs.”

Clipper Realty Inc. reported the three months ended March 31, 2024 results: revenue $35.8 million, net income net loss of $2.7 million, EPS $0.09 per share.

“today announced financial and operating results for the three months ended March 31, 2024. Highlights for the Three Months Ended March 31, 2024 ● Record quarterly revenues of $35.8 million for the first quarter of 2024 ● Quarterly income from operations of $9.1 million for the first quarter of 2024 ● Record net operating income (“NOI”) 1 of $20.2 million for the”