Clipper Realty Gets $75M From Citi to Refinance Brooklyn Mixed-Use Property
Citibank has provided $75 million to David Bistricer’s Clipper Realty to refinance the firm’s mixed-use property at 250 Livingston Street in Brooklyn, according to records filed today with the New York City Department of Finance.
The financing takes out a $33.6 million unpaid balance of a CMBS loan—a $37.5 million financing that was originated in 2013 and part of the $1.2 billion Goldman Sachs (GS)-led GSMS 2013-GC12 transaction—and supplies an additional $41.4 million in proceeds to form a single lien of $75 million. The deal closed on Dec. 6.
Clipper purchased the roughly 310,000-square-foot property—which also has frontage on the other side of the block at 233 Schermerhorn Street, the loft-style residential portion of the building—for just over $22.5 million in 2002. Built in 1920, a majority of the office portion of the 12-story mixed-use asset is currently occupied by city government offices, including the New York City Department of Environmental Protection, the New York City Human Resources Administration and a food stamp office, according to information from CoStar (CSGP) Group.
The property’s residential component at 233 Schermerhorn Street comprises 36 residential apartment units, totaling approximately 26,800 square feet, according to Clipper Realty’s website.
“We are in active discussions with the City of New York regarding renewal of its commercial leases at the 250 Livingston Street property, which terminate in August 2020, in the low-to-mid $40 rent per square foot range, which is similar to the terms currently in place for the approximate 30 percent of the commercial space in the building that was leased on January 1, 2017,” Bistricer, Clipper’s Co-Chairman and CEO, said in a statement in the firm’s second quarter earnings release.
Officials at Clipper Realty could not immediately be reached for comment.