JP Morgan Refis Tower 77 in Greenpoint With $450M Loan
By Andrew Coen December 8, 2025 5:50 pm
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Clipper Equity has landed some permanent debt for its newly built Tower 77 multifamily development in Greenpoint, Brooklyn.
J.P. Morgan Chase provided the $450 million loan to refinance the 746-unit project at 77 Commercial Street that opened last year. The lender converted a previous $430 million bridge loan originated last year into a five-year term, according to David Bistricer, founder and principal of Clipper Equity.
Iron Hound Management’s Rob Verrone arranged the transaction, which was first reported by Commercial Real Estate Direct.
Bistricer said the property was able to get more long-term debt after achieving stabilization with the 799,000-square-foot building, which is now roughly 95 percent leased.
The CetraRuddy Architecture-designed project, which received New York City Council approval in 2013, has 40,000 square feet of amenities that include a pool, sauna, fitness center, game room and pet spa.
Clipper Equity previously secured a $386 million construction loan from Bank of China and SL Green Realty in May 2020
J.P. Morgan Chase did not immediately return a request for comment. Iron Hound declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
