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David Bistricer Of Clipper Equity Refinances Multifamily Asset In Crown Heights For $84.5M
FINANCED
$84,500,000
New York
See Similar DealsMultiFamily330,048 SF
Financed 10/01/2025
FINANCED
David Bistricer Of Clipper Equity Refinances Multifamily Asset In Crown Heights For $84.5M
998 Pacific Street & 1010 Pacific Street
See Similar DealsMultiFamily330,048 SF
Financed 10/01/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$256
Total Square Footage:330,048 SF
Transaction Type:Loan
A multifamily property located at 998 Pacific Street and 1010 Pacific Street in Crown Heights, Brooklyn comprises a total of 165,024 square feet with 175 units. Clipper Equity undertook a refinancing of this asset.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $84,500,000
- Market: Crown Heights, Brooklyn
- Square Footage: 165,024
- Units: 175
- Lender: Citibank & Morgan Stanley
- Landlord: David Bistricer - Clipper Equity
- Loan Type: Refinance
The transaction involved David Bistricer of Clipper Equity, representing the landlord in securing an $84.5 million loan from Citibank and Morgan Stanley for the refinance of the property.
Players
LENDER
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$84,500,000.00
Monthly NOI$563,333.33
Monthly Debt Service$534,097.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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