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David Bistricer Of Clipper Equity Secures $140M Refinance Loan From Berkshire Residential Investments
FINANCED
$140,000,000
New York
See Similar DealsMultiFamily
Financed
FINANCED
David Bistricer Of Clipper Equity Secures $140M Refinance Loan From Berkshire Residential Investments
2366 Bedford Avenue
See Similar DealsMultiFamily
Financed
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in the transaction is a multifamily building located at 2366 Bedford Avenue in Flatbush, Brooklyn. The property consists of 354 residential units and has a loan amount of $140,000,000, which was secured through refinancing from Berkshire Residential Investments. The refinancing is intended to replace prior debt issued by Slate Property Group for the same amount.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $140,000,000
- Lender: Berkshire Residential Investments
- Landlord: David Bistricer - Clipper Equity
- Previous Lender: Slate Property Group
The deal was facilitated by David Bistricer, who represents Clipper Equity in this refinancing transaction. This move indicates Clipper Equity's commitment to maintaining and enhancing its asset portfolio in Brooklyn's Flatbush market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$140,000,000.00
Monthly NOI$933,333.33
Monthly Debt Service$884,895.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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