IIPR · Innovative Industrial Properties, Inc.

Summary

IIPR subsidiary IIP-IL 2 LLC entered into a $20 million secured term loan with Generations Bank, maturing in 2029, bearing 9% fixed interest.

Key takeaways

• IIP-IL 2 LLC, an IIPR subsidiary, issued a $20 million promissory note to Generations Bank.
• The loan matures on April 22, 2029, with a fixed interest rate of 9.00% per annum.
• Interest-only payments for first 12 months, then 20-year amortization with balloon payment at maturity.
• Loan secured by real property in Illinois and other assets; IIPR guarantees the obligations.
• Exit fee applies for prepayment within first 30 months, ranging from 3% to 1% of principal.
• Origination fee of 1.5% of principal paid to lender.