Company: CLPR
Filing Date: 2025-05-08
Form Type: 8-K
Source: 0001437749-25-015484
Chunk: 1

Company: Clipper Realty Inc.
Filing Date: 2025-05-08
Form: 8-K
Item: Item 1.01
Chunk 1
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 as of August 10, 2023, by and among BADF 953 Dean Street Lender LLC, as Administrative Agent, the lenders party hereto, and Dean Member, as borrower (the “ Mezzanine Agreement” and together with the Credit Agreement, “ Prior Loan Agreements”). The Prior Loan Agreements provided for a $115.0 million senior loans under the Credit Agreement and $8.0 million note under the Mezzanine Agreement, which the Company used as construction loans related to its Dean Street Property. In connection with entering into the New Loan Agreements, the Prior Loan Agreements were terminated (pursuant to the terms therein), whereby the borrowers paid to the lenders approximately $126 million of principal and accrued interest outstanding under the Prior Loan Agreements.

The Company incurred no fees or costs as a result of the termination of the Prior Loan Agreements, and the Company incurred approximately $3.1 million in closing costs for the New Loan Agreements.

The foregoing description of the New Loan Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the New Loan Agreements, which will be filed as exhibits to the Quarterly Report on Form 10-Q for the quarter ending June 30, 2025 to be filed with the Securities and Exchange Commission.

Item 1.02Termination of a Material Definitive Agreement.