Clipper Realty Secures $123M Construction Loan For Brooklyn Mixed-Use Project
953 Dean Street, 1048-1050 Pacific Street & 643 Classon Avenue
Summary
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.
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