David Bistricer Of Clipper Equity Secures $450 Million Loan For Tower 77 Multifamily Property In Brooklyn

The asset involved is Tower 77, a multifamily property located at 77 Commercial Street in Brooklyn. It comprises 766 units, some of which are partially affordable. The transaction is centered around a total loan amount of $450 million, which includes a $405 million CMBS loan and a $45 million mezzanine note.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $450,000,000
• Address: 77 Commercial Street
• Market: Brooklyn
• Lender: JP Morgan, Citi Global Markets & Blackstone Group
• Landlord: David Bistricer - Clipper Equity
• Broker: Tal Savariego - Iron Hound Management Company

David Bistricer, representing Clipper Equity, is involved in securing the refinancing deal. The financing package facilitates the repositioning of the multifamily property alongside the collaboration of multiple lenders. The transaction stipulates that the debt structure will support operational and structural enhancements necessary for Tower 77.