Alpine Income Property Trust shares fall 2.09% after-hours after announcing a $24.0 million first mortgage loan investment.

Alpine Income Property Trust, Inc. fell 2.09% in after-hours trading, following the announcement of a $24.0 million first mortgage loan investment in a former retail building in San Francisco, CA. The loan, with a 24-month term and an 11.0% interest rate, will fund the redevelopment of the property into an industrial asset. The company expects the redevelopment to attract technology, life science, manufacturing, and logistics users.