Valley National Bank Refis Williamsburg Apartments With $85M Loan
By Andrew Coen December 22, 2023 12:27 pm
reprints
Clipper Equity has secured an $85 million loan to refinance a multifamily asset in Williamsburg, Brooklyn, Commercial Observer has learned.
Valley National Bank provided the loan on the developer’s 143-unit Casa Hope property at 130 Hope Street, sources with knowledge of the deal told CO. The deal refinances previous construction debt supplied by Bank Leumi prior to Valley National acquiring the Israeli bank last year..
Valley National’s Jeff Puchin led the financing. Landstone Capital Group’s Leah Paskus negotiated the transaction.
The six-story Case Hope features 43 apartments designated as affordable for people earning 130 percent of the area median income. The property is benefiting from a 35-year tax abatement under the now-expired 421a program.
Clipper, owned by David Bistricer, is an active developer in the Brooklyn multifamily market. Clipper also owns Parkside BK at 125 Parkside Avenue in Prospect Park South, Tower 77 at 77 Commercial Street in Greenpoint, and Belltel Lofts at 365 Bridge Street in Downtown Brooklyn.
Clipper also plans to build two apartment buildings consisting of 650 units at 2360 Bedford Avenue in Flatbush, The Real Deal previously reported. Clipper also sealed $123 million in construction financing from Valley National in August for its soon-to-be mixed-use project in Crown Heights.
Representatives at Clipper Realty and Landstone did not immediately return requests for comment. Valley National declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
