Clipper Realty Secures $360M Loan From Deutsche Bank For Tribeca House Financing
FINANCED
$360,000,000
New York
See Similar DealsRetail
Financed 02/22/2018
FINANCED
Clipper Realty Secures $360M Loan From Deutsche Bank For Tribeca House Financing
53 Park Pl, New York, NY, 10007
See Similar DealsRetail
Financed 02/22/2018
Summary
NEW YORK
Asset Type:Retail
Transaction Type:Loan
The debt on Tribeca House, a retail property located at 53 Park Pl, New York, NY, 10007, was refinanced with a 10-year, $360,000,000 loan from Deutsche Bank. The refinancing helped lower Clipper Realty's interest rates, providing extra liquidity and reducing its annual debt service.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $360,000,000.00
- Address: 53 Park Pl, New York, NY, 10007
- Market: New York
- Borrower's Rep: Robert Vernicek, Robert Verrone (Iron Hound Management Company)
- Lender: Deutsche Bank
The CFO of Clipper Realty, Larry Kreider, highlighted that the loan from Deutsche Bank will initially reduce annual debt payments by about $6.6 million. Apart from Deutsche Bank, New York Community Bank also provided a $246 million loan to refinance the debt on Flatbush Gardens, offering further financial stability to Clipper Realty.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$360,000,000.00
Monthly NOI$2,400,000.00
Monthly Debt Service$2,275,444.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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