Financing ·
Gyrodyne subsidiary extends $4.95M loan maturity to 2031 with $431K principal paydown
GYROGyrodyne, LLC
GSD Cortlandt, LLC, a wholly-owned subsidiary of Gyrodyne, LLC, entered into an extension agreement with SIG CRE 2023 Venture LLC regarding a $4,950,000 loan originally made by Signature Bank. The agreement extends the maturity date to October 10, 2031, resets the interest rate to 7.28% per annum, and requires a principal paydown of $431,411.38. Following this payment, the outstanding balance is $4,041,482.21. Gyrodyne reaffirmed its guaranty obligations under the existing loan documents. Gyrodyne operates in the real estate sector, focusing on the strategic sale and liquidation of property assets.