Valley National Bank Lends $105M to Build Flatbush Apartments

Clipper Equity has landed $105 million of construction financing to build a new multifamily project in Brooklyn’s Flatbush neighborhood.

Valley National Bank provided the loan on Clipper’s planned 296-unit building at 2201 Beverly Road in a deal that closed March 20.  The project is part of a renovation Clipper is undergoing of a former Sears department store building, Crain’s New York Business reported Tuesday. 

Valley National’s Jeff Puchin led the financing. Landstone Capital Group’s Leah Paskus negotiated the transaction. 

PincusCo. First reported the loan.

The 2201 Beverly Road property will feature private gardens and duplexes in some of the apartments along with rooftop space. Interiors will be styled by Durukan Design, and the building will include 34,800 square feet of commercial space.

The $105 million loan for 2201 Beverly comes on the heels of Clipper nabbing $140 million of construction financing from Scale Lending for a nearby mixed-use multifamily development at  2366 Bedford Street, Commercial Observer first reported.  

Officials at Clipper Equity did not immediately return a request for comment. Valley National declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com