The property asset involved in this transaction is a multifamily development consisting of 354 units located at 2366 Bedford Avenue, Flatbush, Brooklyn. The landlord, David Bistricer of Clipper Equity, has secured a refinancing loan amounting to $170,000,000 from MF1 Capital. This refinancing replaces a prior construction loan of $140,000,000 obtained in 2024. The development is part of a four-building complex built on a former Sears site, which includes affordable housing units under a 35-year 421a tax abatement and is anticipated to open this year.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $170,000,000
• Address: 2366 Bedford Avenue
• Market: Flatbush, Brooklyn
• Units: 354
• Lender: MF1 Capital
• Landlord: David Bistricer - Clipper Equity
• Broker Representatives: Leah Paskus & Shlomy Wertzberger - Landstone Capital Group
• Loan Type: Refinance

Leah Paskus and Shlomy Wertzberger from Landstone Capital Group played a significant role in facilitating this refinancing deal. The transaction reflects Clipper Equity's strategic approach to financing its multifamily project, which is poised to meet the strong rental demand in the local market.