Loan & DebtMay 20, 2026, 07:07 AM
Innovative Industrial Properties Closes $44.9M Secured Term Loans
AI Summary
Innovative Industrial Properties, Inc. announced the closing of four secured term loans totaling $44.9 million with Amalgamated Bank. These loans bear a fixed interest rate of 6.67% and have a five-year term, maturing on June 5, 2031. The company plans to use the proceeds to pay off unsecured notes maturing at the end of May, aiming to extend its debt maturity profile and secure attractively priced capital to support long-term growth.
Key Highlights
- Closed four secured term loans totaling $44.9 million.
- Loans bear a fixed interest rate of 6.67% per annum.
- Loans have a five-year term, maturing on June 5, 2031.
- Proceeds will be used to pay off unsecured notes maturing this month.
- Includes a $10.56 million loan to IIP-MD 1 LLC and $11.4 million to IIP-NJ 3 LLC.
- Loans are secured by first priority liens on the applicable properties.
- Innovative Industrial Properties, Inc. guaranteed the loan obligations.
Price Impact
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