Source: Walker & Dunlop
BROOKLYN, NY - Walker & Dunlop, Inc. announced that it arranged $82,000,000 in permanent financing for Clover House, a newly renovated luxury apartment complex located in the highly desirable Brooklyn Heights neighborhood of Brooklyn, New York.
Led by Hirsch Simins and David Rosenberg, Walker & Dunlop's New Jersey Capital Markets team arranged the financing on behalf of the publicly traded Clipper Realty Inc. Drawing on their deep understanding of the New York market and broad experience with multifamily lenders, the team expertly identified MetLife Investment Management as an ideal financing partner for the transaction. In addition to rate locking the transaction on the same day as application, Walker & Dunlop secured excellent deal terms to refinance the property's existing debt, including ten years of interest-only payments.
"It was a pleasure working again with Clipper Realty and MetLife Investment Management. 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," said Mr. Simins.
David Bistricer, Clipper Realty Inc.'s Co-Chairman and Chief Executive Officer, further commented, "Clover House is a best-in-class property with top of the line amenities and we were very pleased to work again with Hirsch and David on this refinance. MetLife Investment Management did a great job closing under a tight timeline during a period of great market volatility."
The 158-unit property is situated proximate to the Brooklyn Heights Promenade and Brooklyn Bridge Park in downtown Brooklyn, one of the fastest growing areas in the New York Metro. Clover House offers studios, one- and two-bedroom apartments with a full host of amenities, as well as stunning panoramic views of the East River and lower Manhattan skyline. The property caters to one of the country's most high-demand housing markets and is projected to be fully leased by the end of the year.