MF1 Refinances Brooklyn Multifamily Project With $160M Loan

Clipper Equity has landed a $160 million loan to refinance a newly completed multifamily development in Brooklyn’s Crown Heights neighborhood, Commercial Observer has learned.

MF1 Capital supplied the loan for Clipper’s 240-unit Prospect House property at 953 Dean Street in a deal originated by Scott Waynebern, Michael Squires and Ben Rosenberg. The loan takes out past construction debt for the nine-story project provided by Valley National Bank and Be Aviv in 2023. 

Landstone Capital Group arranged the transaction with a team led by Leah Paskus and Pinchas Vogel. 

The 953 Dean Street project, which is now in the lease-up phase, received a tax abatement under New York State’s former 421a tax incentive program since 72 of the apartments are designated as affordable housing for residents earning 80 to 130 percent of the area median income. The development will also include ground-floor retail space and an 84-space parking garage. 

Officials Clipper Equity and Landstone did not immediately return requests for comment. MF1 declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com