IIP Extends Mezzanine Credit to $400 Million for Alewife Park Life Science Campus

Innovative Industrial Properties, Inc. (IIP) has entered into a Sixth Amendment to its Amended and Restated Mezzanine Loan and Security Agreement. The agreement, executed on September 28, 2026, increases the maximum principal amount of the mezzanine loan by $267.0 million, bringing the total maximum principal amount to $400.0 million. The funds are being provided to IQHQ-Alewife Holdings, LLC, a subsidiary of IQHQ, Inc., for the Alewife Park project in Cambridge, Massachusetts.

The loan increase is split between two new promissory notes. IIP Life Science Investments II LLC, a wholly owned subsidiary of IIP’s operating partnership, is providing up to $245.0 million under a new Mezzanine Promissory Note B. The existing mezzanine lender is providing up to $22.0 million under a new Mezzanine Promissory Note C. On the closing date, IIP funded an initial advance of approximately $111.0 million under Note B. The proceeds were used to repay a full $85.0 million bridge loan held by the Borrower, along with accrued interest, fees, and other amounts.

The Alewife Park property is a 27-acre master-planned life science campus located in West Cambridge. Phase I consists of three existing buildings totaling 392,000 square feet and is currently 78% leased to Lila Sciences, a Cambridge-based AI-enabled scientific discovery company. The loan is secured by pledges of the Borrower’s limited liability company interests and is backed by a completion guaranty and environmental guaranty from IQHQ, LP.

Under the terms of the agreement, the maturity date of the loan has been extended to February 9, 2028. The loan bears interest at a rate equal to the greater of 14% per annum or the applicable interest rate benchmark plus a spread of 9.0% per annum. The loan agreement includes a Right of First Offer for Purchase or Finance of Alewife Park Center and a Co-Lender Agreement. Under the Co-Lender Agreement, IIP has the option to purchase all or a portion of the existing mezzanine lender’s notes, which could increase its investment by up to approximately $155 million on the same terms.