Clipper Equity signs $125M ups debt to $125M at new 296-unit building in Flatbush

Clipper Equity through the entity Bedford Beverly A LLC as borrower added $20 million in additional debt with lender Valley National Bank for a total of $125 million at the newly constructed 296-unit residential elevator building (D6) at 2201 Beverly Road in Flatbush, Brooklyn.

In 2022, Clipper Equity filed job number B00698115, for a new residential (R-2) building was permitted on February 23, 2024.
The loan addition closed on November 7, 2025 and was recorded on November 17, 2025. The prior lender was Valley National Bank which held debt that had an original construction loan amount of $105 million. The property has 239,709 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $521 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 property

The residential elevator building with 296 residential units in Flatbush has 239,709 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of zero feet and is zero feet deep with a total lot size of 43,414 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.3 million.

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 $5,625 in ECB penalties and $5,625 in OATH penalties in the last year.

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 Clipper Equity and Nyc Economic Development Corporation.
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 31 commercial properties with 7,405 residential units in New York City with 6,184,273 square feet and a city-determined market value of $754.5 million. (Market value is typically about 50% of actual value.) The portfolio has $2.2 billion in debt, with top three lenders as JPMorgan Chase, Bank of China, and Valley National Bank respectively. Within the portfolio, the bulk, or 85 percent of the 6,184,273 square feet of built space are elevator properties, with D6 properties next occupying 9 percent of the space. The bulk, or 61 percent of the built space, is in Brooklyn, with Manhattan next at 39 percent of the space.

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