Clipper Realty Secures $74M Financing From Blackstone For 107 Columbia Heights Acquisition

The property involved in the transaction is a 161-unit rental building located at 107 Columbia Heights, Brooklyn, NY. Clipper Realty acquired the property with a total financing amount of $74 million from the Blackstone Group, which includes a $59 million acquisition loan and $14.6 million in construction financing.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $87,500,000
• Borrower: Clipper Realty
• Lender: Blackstone Mortgage Trust
• Loan Amount: $14,600,000
• Borrower's Representative: Robert Vernicek, Robert Verrone - Iron Hound Management Company
• Address: 107 Columbia Heights, Brooklyn, NY

Robert Verrone and Robert Vernicek of Iron Hound Management Company were instrumental in arranging the financing for this transaction, enabling Clipper Realty to complete its acquisition of the property from the Jehovah’s Witnesses earlier in the week.