INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) Form 8-K — Oct 1, 2026
Innovative Industrial Properties, through subsidiary IIP Life Science Investments II LLC, entered a Sixth Amendment on September 28, 2026 increasing its mezzanine loan on IQHQ's Alewife Park life science campus in West Cambridge, MA by $267.0 million to a $400.0 million maximum. IIP funded an initial ~$111.0 million advance that repaid the borrower's $85.0 million bridge loan, with IIP committing up to $245.0 million under Note B and the existing lender up to $22.0 million under Note C. The loan bears interest at the greater of 14% or SOFR plus 9.0%, with maturity extended to February 9, 2028 and a second one-year extension available.
Key figures
- Debt Amount
- $267.0 million loan increase; total maximum principal $400.0 million
- Interest Rate
- greater of 14% per annum or one-month Term SOFR plus 9.0% spread
- Maturity Date
- February 9, 2028 (first extension option exercised; second one-year extension available)
- Initial advance
- ~$111.0 million (September Loan Advance)
- Note c commitment
- up to $22.0 million
- Bridge loan repaid
- $85.0 million
- Iip note b commitment
- up to $245.0 million
- Rofo effective threshold
- $155,000,000 funded under Note B
- Existing loan original amount
- $133.0 million mezzanine + $85.0 million senior mortgage ($218.0 million total)
- Purchase option on existing notes
- up to approximately $155 million maximum principal
AI analysis
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