Updated Dec 18, 2025
Clipper Equity Secures $450 Million Refinance Loan From JP Morgan For Brooklyn Multifamily Property
77 Commercial Street
$450,000,000
$570/SF
Building Size
788,595 SF
Asset Type
MultiFamily
Closing
Dec 8, 2025
About this deal
AI
The property asset involved in this transaction is a multi-family building located at 77 Commercial Street in the Brooklyn market. It spans a total square footage of 788,595 and comprises 766 residential units, covering an area of 2.6 acres.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $450,000,000
- Loan Type: Refinance
- Lender: JP Morgan
- Landlord: Clipper Equity
- Broker: Henry Bodek - Galaxy Capital
- Date: 12/9/2025
Key individuals involved in the deal include David Bistricer, Jamie Dimon, and Aaron Casden, who played significant roles in facilitating this refinance transaction.
On the Map
$450,000,000
$570/SF
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93