Clipper Realty Secures $360M Loan From Deutsche Bank For Tribeca House Financing

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.