Clipper Equity gets $286M construction loan from Bank of China for large rental complex in Greenpoint

Clipper Equity through the entity Waterview Owner LLC as borrower signed a loan agreement with lender Bank of China valued at $286 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 77 Commercial Street in Greenpoint. The deal closed on May 27, 2020 and was recorded on June 25, 2020.

There have been 3 new building permit applications totaling 641,252 square feet. Those plans include a total of 720 residential or hotel units. The average secured loan per zoning square foot filed is $446.

David Bistricer was signatory for the borrower and is founder and principal of Clipper. The company plans to build three rental towers with 720 units. The secured loan package is composed of a $190 million building loan, a $44 million project loan, a refinance of a $27.5 million acquisition loan and a $24.4 million gap loan. The Real Deal reported the total value of the loan as $386 million, composed of $286 million from Bank of China and $100 million from SL Green Realty, plus an additional $25 million mezzanine loan.

The last time the property sold was March 29, 2012, for $25,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link