Gyrodyne, LLC and its subsidiary GSD Cortlandt, LLC have entered into a letter agreement with lender SIG CRE 2023 Venture LLC to extend the maturity date of a $4.95 million loan. The agreement, effective as of October 10, 2026, and signed on October 19, 2026, extends the loan term by five years. The new maturity date is set for October 10, 2031.
Under the terms of the extension, the interest rate on the loan was reset to 7.28% per annum. As a condition to the extension, GSD Cortlandt made a principal payment of $431,411.38. Following this payment and the scheduled principal and interest payments, the outstanding principal balance of the loan is now $4,041,482.21.
The loan is secured by a mortgage on GSD Cortlandt’s property located at 1985 Crompond Road in Cortlandt Manor, New York. Gyrodyne, as the parent company, provided a limited guaranty for the loan. The company reaffirmed its obligations under this guaranty and an associated environmental indemnity agreement. Both GSD Cortlandt and Gyrodyne provided a customary release of claims in favor of the lender and related parties. The extension modifies the maturity date and resets the interest rate, but all other terms of the existing loan documents remain in full force and effect.
