Clipper Realty Secures $123M Construction Loan For Brooklyn Mixed-Use Project

Clipper Realty, owned by David Bistricer, has secured a $123 million construction loan for its mixed-use project in Brooklyn's Crown Heights neighborhood. The development site is located at 953 Dean Street, 1048-1050 Pacific Street, and 643 Classon Avenue. This loan, provided by Valley National Bank, Bank Leumi, Be Aviv, and Bank Mizrahi-Tefahot, will support the progress of the project.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $123,000,000
• Lender: Valley National Bank, Bank Leumi, Be Aviv, Bank Mizrahi-Tefahot
• Landlord: Clipper Realty - David Bistricer
• Broker: Leah Paskus - Landstone Capital Group

Leah Paskus of Landstone Capital Group played a key role as the broker in this deal. The involvement of multiple lenders, including Valley National Bank, Bank Leumi, Be Aviv, and Bank Mizrahi-Tefahot, highlights the confidence in the project's potential. With David Bistricer as the landlord, the project is set to bring new development and opportunities to Brooklyn's Crown Heights neighborhood.