M&A - Clipper Realty Inc.

Form Type: 8-K

Filing Date: 2025-06-05

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925019578

Filing Summary: On May 30, 2025, Clipper Realty Inc. completed the sale of a property located at 10 West 65th Street in New York as part of a Sale Transaction with 10 West 65, LLC, resulting in gross proceeds of $45.5 million. The company repaid a $31.2 million mortgage secured by the property to Flagstar Bank, alongside $0.8 million in accrued interest. The repayment of the mortgage led to the release of $1.1 million in property tax escrow and debt reserves from the bank to the company, with no penalties incurred. The payment was part of a deal defined in a Purchase and Sale Agreement dated April 2, 2025. The company provided pro forma financial information related to this transaction in Exhibit 99.1.