Innovative Industrial Properties entered into a Sixth Amendment to its Mezzanine Loan Agreement with IQHQ-Alewife Holdings, increasing the maximum principal amount by $267.0 million to a total of $400.0 million. IIP Life Science Investments II LLC provided up to $245.0 million under new Note B, while an existing lender contributed $22.0 million under Note C. The company funded an initial advance of approximately $111.0 million on September 28, 2026, used to repay the borrower's $85.0 million bridge loan and related fees. The transaction extends the loan maturity date from February 2027 to February 9, 2028, with a one-year extension option available. The mezzanine debt bears interest at an Applicable Rate of 14% or SOFR plus 9.0%, expected to yield approximately 15.8%. Innovative Industrial Properties is a real estate investment trust that owns and manages specialized properties leased to cannabis operators and makes financial investments in the life science industry.
