David Bistricer turned a temporary situation at Tower 77 in Greenpoint into a permanent flex on the neighborhood’s booming multifamily market.
Clipper Equity scored $450 million in permanent debt to refinance the 746-unit complex at 77 Commercial Street in the Brooklyn neighborhood, according to the Commercial Observer. JPMorgan Chase provided the financing, converting last year’s $430 million bridge loan into a five-year term.
The debt deal was first reported by Commercial Real Estate Direct. Iron Hound Management’s Rob Verrone arranged the deal, which came about as the property stabilized with nearly 95 percent leased, according to Bistricer.
There are two units available on the property’s website: a studio apartment for $3,000 monthly rent and a one-bedroom unit for $5,300 monthly rent.
Clipper landed the bridge loan last May, months after topping out construction on the three-building complex. That debt retired a $386 million construction loan provided by the Bank of China and SL Green shortly into the pandemic.
The 799,000-square-foot property, unspooled along the East River, was designed by CentraRuddy Architecture. There are 230 affordable units, as well as 40,000 square feet of amenities, including a pool, a sauna, a fitness center, a tennis court, a game room and a pet spa.
SL Green provided Bistricer a $70 million loan when he acquired the site with then-partner Joseph Chetrit for $25 million in 2012. Seven years later, Bistricer bought Chetrit out of the project.
Outside of Brooklyn, Bistricer has suffered alongside his competitors when it comes to rent-stabilized properties. In the spring, Clipper sold an 83-unit apartment building with rent-stabilized units in Lincoln Square for $45.5 million, a deep discount from the $79 million purchase price in 2017.
Back in Greenpoint, the Jay Group recently acquired the lot at 97 West Street from Jack Guttman’s Pearl Realty Management for $130 million. The developer also landed a $320 million construction loan for a 590-unit rental project on the site.
— Holden Walter-Warner
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David Bistricer lands another $430M for Greenpoint development
Clipper Equity dumps Upper West Side rent-stabilized building at 42% discount
Jay Group closes on $130M development site in Greenpoint
