Clipper Equity signs $105M construction loan in Flatbush

Clipper Equity through the entity Bedford Beverly A LLC as borrower signed a new construction loan with lender Valley National Bank valued at $105 million for the property at 2201 Beverly Road in Flatbush, Brooklyn. This is for Building A of the series of projects Clipper Equity plans in Flatbush.

The deal closed on March 20, 2024 and was recorded on March 27, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $31.8 million.The property has zero square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $N/A per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Clipper Equity was David Bistricer. The signatory for Valley National Bank was Jeffrey Puchin.
Clipper Equity signed a $140 million construction loan for Building B on March 5, 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 175,875 square feet of the 175,875 square feet. The two identified owners are Nyc Economic Development Corporation and Clipper Equity.
On the tax block, there were two new building construction projects totaling 429,514 square feet. The largest is a 351-unit, 248,012 square-foot residential (R-2) building submitted by J Bistricer with plans filed March 22, 2022 and permitted February 6, 2024. The second largest is a 299-unit, 181,502 square-foot residential (R-2) building submitted by J Bistricer with plans filed March 21, 2022 and permitted February 23, 2024.

The majority, or 100 percent of the 175,875 square feet of built space are retail buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Clipper Equity owned at least 28 commercial properties with 5,509 residential units in New York City with 4,685,987 square feet and a city-determined market value of $705.1 million. (Market value is typically about 50% of actual value.) The portfolio has $1.5 billion in debt, with top three lenders as Bank of China, New York Community Bank, and G4 Capital Partners respectively. Within the portfolio, the bulk, or 92 percent of the 4,685,987 square feet of built space are elevator properties, with office properties next occupying 4 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.

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