Company: CLPR
Filing Date: 2025-06-05
Form Type: 8-K
Source: 0001437749-25-019578
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Company: Clipper Realty Inc.
Filing Date: 2025-06-05
Form: 8-K
Item: Item 1.02
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Item 1.02. Termination of a Material Definitive Agreement

On May 30, 2025, in connection with the Sale Transaction (as defined below), 10 West 65
Owner LLC, a subsidiary of Clipper Realty Inc. (the “ Company”), repaid in full the $31.2 million in mortgage note (the “ Mortgage”) secured by the premises known as 10 West 65thStreet in New York (the “ Property”) to Flagstar Bank (“ Flagstar”), issued in connection with the acquisition of the Property in October 2017. In addition to the Mortgage repayment, the Company paid $0.8 million in accrued interest through the date of closing of the Sale Transaction. Upon repayment of the Mortgage, the Bank released $1.1 million in previously deposited property tax escrow and other debt reserves to the Company. The Company did not incur any penalties related to the prepayment of the Mortgage.

Item 2.01. Completion or Acquisition of Disposition of Assets