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

Property Image
FINANCED
$450,000,000

New York

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MultiFamily
Financed 12/08/2025
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Property Image
FINANCED

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

77 Commercial Street

See Similar Deals
MultiFamily
Financed 12/08/2025
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Clipper Equity
Clipper Equity
BROKERAGE
J.P. Morgan Chase
J.P. Morgan Chase
LENDER
David Bistricer
Clipper Equity
David Bistricer
23 deals$2.8B volume
LANDLORD

Details

FINANCED
IMAGE: David Bistricer DATE: 12/08/2025 ADDRESS: 77 Commercial Street MARKET: Brooklyn ASSET TYPE: Multifamily LENDER: JP Morgan, Citi Global Markets & Blackstone Group LANDLORD: David Bistricer - Clipper Equity BROKER: Tal Savariego - Iron Hound Management Company LOAN AMOUNT: $450,000,000 NOTE: Clipper Equity is securing a $450 million debt package—led by a $405 million CMBS loan and a $45 million mezzanine note—to refinance Tower 77, a 766-unit partially affordable multifamily property on Brooklyn’s East River.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$450,000,000.00

Monthly NOI$3,000,000.00
Monthly Debt Service$2,844,306.11
Change in Cash Flow$0.00
Refinance Proceeds$0.00