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
- 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.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
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