Gyrodyne extends $4.95 million Cortlandt Manor loan to 2031 after $431,411 paydown
Subsidiary GSD Cortlandt, LLC and Gyrodyne, as guarantor, entered into a letter agreement with SIG CRE 2023 Venture LLC to extend the maturity of a $4.95 million loan secured by GSD Cortlandt's property at 1985 Crompond Road, Cortlandt Manor, New York. The loan now matures October 10, 2031, with the interest rate reset to 7.28% per annum, and GSD Cortlandt made a $431,411.38 principal paydown as a condition of the extension. After the paydown and the scheduled payment, the outstanding principal balance is $4,041,482.21, and Gyrodyne reaffirmed its limited guaranty.
Key points
- Maturity extended five years to October 10, 2031; agreement dated October 19, 2026, effective October 10, 2026
- Interest rate reset to 7.28% per annum under the existing note terms
- GSD Cortlandt paid a principal paydown of $431,411.38 as a condition of the extension
- Outstanding principal balance after the paydown and scheduled payment: $4,041,482.21
The filing
Written by AI on Nov 9, 2026, 8:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 20, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.