Brooklyn Bridge. Photo by Shutterstock.
BROOKLYN—Publicly-traded Clipper Realty has secured $82 million for Clover House, a newly renovated luxury apartment complex in the Brooklyn Heights neighborhood of Brooklyn.
Led by Hirsch Simins and David Rosenberg, Walker & Dunlop's New Jersey Capital Markets team arranged the financing, identifying MetLife Investment Management as the financing partner for the transaction. In addition to rate locking the transaction on the same day as application, Walker & Dunlop helped to refinance the property's existing debt, including ten years of interest-only payments.
"We explored many financing scenarios and MetLife was able to offer a very competitive permanent loan and rate lock before the asset was fully stabilized, which speaks to the strength of the borrower and the asset," Simins said in prepared remarks.
The 158-unit property is situated close to the Brooklyn Heights Promenade and Brooklyn Bridge Park in downtown Brooklyn. The property is projected to be fully leased by the end of the year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
