Clipper Equity Secures $54M Loan For East Harlem Multifamily Acquisition From Durst Organization

The asset involved in the transaction is a multifamily property located at 1800 Park Avenue in East Harlem. Clipper Equity purchased the site with a total acquisition loan amount of $54,000,000, which consists of a $44,000,000 senior loan from Valley National Bank and $10,000,000 mezzanine debt from Leumi Partners.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $54,000,000
• Address: 1800 Park Avenue
• Market: East Harlem
• Lender: Chris Gregg & Jeff Puchin - Valley National Bank; Shuki Zeitak - Leumi Partners
• Landlord: Clipper Equity
• Brokers: Leah Paskus & Pinchas Vogel - Landstone Capital Group

This transaction involved Chris Gregg and Jeff Puchin representing Valley National Bank, and Shuki Zeitak representing Leumi Partners in providing the financing. The acquisition of the property from the Durst Organization was facilitated by brokers Leah Paskus and Pinchas Vogel from Landstone Capital Group.