Clipper Equity Lands $430M Loan From JPMorgan for Brooklyn’s Tower 77
By Cathy Cunningham May 10, 2024 4:10 pm
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Who says Friday is a slower weekday? Not Clipper Equity.
The firm just closed a $430 million loan for Tower 77, its three-tower multifamily property on the Greenpoint waterfront in Brooklyn, Commercial Observer has learned.
J.P. Morgan Chase provided the balance sheet loan, while Galaxy Capital’s Henry Bodek negotiated the financing.
The new financing retires $386 million of construction debt on the 766-unit property provided by Bank of China and SL Green Realty in May 2020. At the time — and in the midst of the pandemic — the transaction marked one of the biggest deals of the year.
Designed by CetraRuddy Architecture, Tower 77 is at 77 Commercial Street in Greenpoint and spans 799,000 square feet along the East River. Its indoor and outdoor amenities comprise 40,000 square feet and include a pool, a sauna, a fitness center, a tennis court, a game room and a pet spa.
The development has been in the works since 2013, when the New York City Council approved the plans for the property.
Joseph Chetrit was formerly a partner in the deal, and in 2015 Chetrit and Clipper secured a $27.5 million bridge loan from New York Community Bank backed by the land. David Bistricer’s Clipper Equity bought Chetrit out of the deal in 2019, The Real Deal reported.
Construction finally topped out last year, and a housing lottery launched in September 2023 for the development’s 230 affordable units, New York Yimby reported.
Clipper Equity has been locking down loans all over Brooklyn of late, tough financing environment be damned. Only last month, the firm secured a $105 million construction loan for a new multifamily project in the borough’s Flatbush neighborhood.
J.P. Morgan, Clipper and Galaxy declined to comment.
With additional reporting by Andrew Coen and Brian Pascus
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
