BHI, Be Aviv Lend $110M on Flatbush Apartments Project

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Clipper Equities has nabbed $110 million of construction financing to build a multifamily property in Brooklyn’s Flatbush neighborhood, Commercial Observer has learned.

BHI and Be Aviv provided the loan on Clipper’s planned 227-unit apartment project at 2359 Bedford Avenue at the site of an old Sears auto center. Proceeds from the loan, which closed last Friday, will fund construction costs and refinance previous debt on the property from Valley National Bank.

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Ilana Druyan and David Kesselman led the deal for BHI, a U.S. division of Bank Hapoalim. Eyal Epstein originated the loan on behalf of Be Aviv. 

Landstone Capital‘s Leah Paskus and Pinchas Vogel negotiated the transaction. 

Clipper acquired the development site at 2359 Bedford Avenue two years ago from Vornado Realty Trust and Sears for $90.8 million, Traded reported at the time. 

The property is in close vicinity to a former Sears Catalog printing facility at 2366 Bedford Avenue, where Clipper is building a seven-story, 354-unit apartment building. Scale Lending supplied a $140 million construction loan on the project last month in a deal also arranged by Landstone, CO first reported

 Officials at Clipper Equities, BHI and Be Aviv did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com