IIPR Upsizes IQHQ Mezzanine Loan to $400M, Deploys $111M Initial Advance
IIPR sits 19% above its 52-week low of $44.58 on elevated volume (3.1× avg).
Summary
IIPR increased its mezzanine loan to IQHQ's Alewife Park campus by $267M to a $400M maximum, funding $111M immediately at a 14% interest floor with maturity extended to February 2028.
Key Events · Financing and Capital Events · IIPR
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Mezzanine Loan Increased to $400M
The Sixth Amendment increases the IQHQ-Alewife mezzanine loan by $267.0M to a $400.0M maximum. IIP Life Science II provides up to $245.0M under Note B; existing lender NREF provides $22.0M under Note C.
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$111M Initial Advance Funded
On September 28, 2026, IIP funded approximately $111.0M under Note B, used to repay in full the borrower's existing $85.0M bridge loan plus accrued interest, fees, and minimum return amounts.
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14% Interest Floor and Maturity Extension
The loan bears interest at the greater of 14% per annum or SOFR plus 9.0% spread. Maturity extended from February 2027 to February 9, 2028, with a second one-year extension option available.
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Right of First Offer on Alewife Park
IIP Life Science II receives a ROFO to purchase, finance, or refinance the Alewife Park Property, effective once $155.0M is funded under Note B. Until then, the existing right of first negotiation remains in effect.
Analysis · IIPR · Real Estate & Construction
A $267M loan increase lifts the total facility to $400M, with IIPR committing up to $245M of new capital into the Alewife Park life science campus. The loan carries a 14% interest floor and extends maturity to February 2028. This deepens IIPR's exposure to IQHQ — a borrower whose existing mezzanine loan has already been amended six times in under a year, and whose parent entity has faced tenant defaults elsewhere in IIPR's portfolio. The initial $111M advance repays an $85M bridge loan, suggesting the borrower needed this capital to refinance near-term obligations. The ROFO gives IIPR a path to eventually own or finance the entire property, but only after $155M is funded under Note B.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.9% of the 1661 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, IIPR was trading at $52.90 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $44.58 to $65.38. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.