Gyrodyne Extends Cortlandt Mortgage Five Years to 2031, Pays Down $431K
GYRO is trading near its 52-week low of $4.09 (10% above the low).
Summary
Gyrodyne extended its $4.95M Cortlandt Manor mortgage five years to October 2031, paying down $431,411.38 and resetting the rate to 7.28%, leaving $4.04M outstanding.
Key Events · Financing and Capital Events · GYRO
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Mortgage Extended Five Years to 2031
GSD Cortlandt, LLC and guarantor Gyrodyne signed a letter agreement with SIG CRE 2023 Venture LLC extending the $4,950,000 loan's maturity from October 10, 2026 to October 10, 2031.
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$431K Principal Paydown, Rate at 7.28%
The rate reset to 7.28% per annum and the borrower paid down $431,411.38, leaving $4,041,482.21 outstanding with monthly payments of $27,652.32 beginning November 10, 2026.
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Guaranty Reaffirmed, Claims Released
Gyrodyne reaffirmed its limited guaranty and environmental indemnity, and both borrower parties gave the lender a customary release of claims.
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Liquidation Timeline Preserved
The extension keeps the Cortlandt Manor property out of foreclosure while Gyrodyne, now down to one full-time employee after the COO's October 2 departure, markets its remaining assets.
Analysis · GYRO · Real Estate & Construction
Gyrodyne is in liquidation, and the Cortlandt Manor property is one of its two remaining assets. The loan had already matured by its terms, so this extension pulls the property back from foreclosure risk and gives management until October 2031 to sell it. The cost is real: the rate reset to 7.28% and the company had to put $431,411.38 of cash into principal, leaving $4,041,482.21 outstanding and monthly payments of $27,652.32 starting November 10, 2026. With only one full-time employee left after the COO's October 2 departure, that cash drain matters — the 10-Q previously disclosed estimated distributions of $12.30 per share, and every dollar of paydown and interest reduces what eventually reaches shareholders.
How filings like this one have moved
In the 30 days to Oct 20, 2026, 29.2% of the 1466 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, GYRO was trading at $4.50 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $9.9M. The 52-week trading range was $4.09 to $12.00. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.