Loan & DebtMay 19, 2026, 06:08 AM
Innovative Industrial Properties Secures $22.9M in Secured Term Loans
AI Summary
Innovative Industrial Properties' indirect subsidiaries, IIP-MA 7 LLC and IIP-PA 6 LLC, entered into separate loan agreements with Amalgamated Bank, securing an aggregate of $22.9 million in secured term loans. The loans, bearing a fixed interest rate of 6.67% per annum, are secured by first priority liens on the properties owned by the borrowers and mature on June 5, 2031. Innovative Industrial Properties, Inc. has provided unsecured guaranties for these obligations.
Key Highlights
- Secured $22.9 million in aggregate secured term loans from Amalgamated Bank.
- IIP-MA 7 LLC received a $10.5 million secured term loan.
- IIP-PA 6 LLC received a $12.4 million secured term loan.
- Loans bear a fixed interest rate of 6.67% per annum.
- Loans mature on June 5, 2031.
- Secured by first priority liens on the applicable properties owned by each borrower.
- Innovative Industrial Properties, Inc. provided unsecured guaranties for the loans.
- Prepayment premium declines from 5% in the first year to 1% in the fifth year.
Price Impact
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