BHI Provides $120M Bridge Loan for Brooklyn Apartments Development
By Andrew Coen November 18, 2025 1:50 pm
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Clipper Equity is spreading its wings where a landmarked Sears building once stood.
The development firm has landed a $120 million bridge loan from BHI to retire past construction debt for a 227-unit multifamily project at 2359 Bedford Avenue in Flatbush, Brooklyn, Commercial Observer has learned.
The property, which was previously home to a longtime Sears Roebuck & Company store that closed in 2021, is next to 2360 Bedford Avenue, where Clipper is developing a 296-unit apartment complex and received a $125 million bridge loan from Valley National Bank, CO also first reported.
The loan from BHI, the U.S branch of Bank Hapoalim, took out a previous $95 million construction loan from BHI and a $10 million loan from Be Aviv.
Landstone Capital Group’s Pinchas Vogel and Leah Paskus arranged the transaction, which was originated by BHI’s Ilana Druyan and David Kesselman.
Clipper acquired the development site at 2360 Bedford and 2359 Bedford Avenue for $90.9 million from Vornado Realty Trust and Sears in 2022, Traded previously reported. The developer is also building a 354-unit multifamily project at the former Sears catalog printing facility on 2366 Bedford Avenue. The 2359 Bedford, 2360 Bedford and 2366 Bedford residential developments all received 35-year tax abatements under New York City’s now-expired 421a program.
BHI and Clipper Equity did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
