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953 Dean Street

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

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

953 Dean Street

$123,000,000

Building Size

Asset Type

Development Site

Closing

Aug 11, 2023

AI

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

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.

Players

Leah Paskus

Landstone Capital Group

Broker

$3.6B

vol

36 deals

Broker
Be Aviv
Be AvivLender
David Bistricer

David Bistricer

Clipper Equity

Landlord

$2.8B

vol

23 deals

Landlord

Brooklyn Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.13%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93