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Clipper Realty Secures $20M Loan From Valley National Bank For Crown Heights Multifamily
FINANCED
$20,000,000
New York
See Similar DealsMultiFamily
Financed 09/22/2023
FINANCED
Clipper Realty Secures $20M Loan From Valley National Bank For Crown Heights Multifamily
998 Pacific Street & 1010 Pacific Street
See Similar DealsMultiFamily
Financed 09/22/2023
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
Clipper Realty has secured $20 million in financing from Valley National Bank for its multifamily apartment building located at 998-1010 Pacific St. in Brooklyn's Crown Heights neighborhood. The property is a multifamily asset and is situated in the vibrant market of Crown Heights, Brooklyn. The loan amount for the transaction is $20,000,000, provided by Valley National Bank.
Summary of transaction details
- Property Type: Multifamily
- Loan Amount: $20,000,000
- Market: Crown Heights, Brooklyn
- Address: 998-1010 Pacific Street
- Lender: Valley National Bank
- Landlord: Clipper Realty - David Bistricer
The financing for this multifamily apartment building was sourced from Valley National Bank. Clipper Realty, with David Bistricer as its landlord, successfully secured the $20 million loan amount to support its ownership and management of the property located at 998-1010 Pacific St. in the Crown Heights neighborhood. This transaction highlights the collaboration between Clipper Realty and Valley National Bank in funding real estate projects in the Brooklyn market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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