Clipper Equity signs $140M construction loan with Slate for 354-unit Flatbush project

Clipper Equity through the entity Bedford Beverly B LLC as borrower signed a new construction loan with lender Slate Property Group through the entity Scale 2360 Bedford Lender LLC valued at $140 million for the 354-unit project at 2366 Bedford Avenue in Flatbush, Brooklyn. The project is identified as Building B in the lower portion of the illustration, and was filed under job number B00698117.

The loan closed on March 5, 2024 and was recorded on March 13, 2024.
The signatory for Clipper Equity was David Bistricer. The signatory for Slate Property Group was Stephen Krasman.
In May 2022, David Bistricer’s Clipper Equity and Anshel Fridman of Nalcorp paid a combined $90.7 million to Vornado Realty Trust and an affiliate of Sears for two properties in Flatbush in two separate transactions, on two sides of Bedford Avenue, 2360 Bedford Avenue on the west side and 2359 Bedford Avenue on the east side.

2360 Bedford Avenue has been divided into three tax lots, the original lot 14 containing the existing building, 44 on Beverly Road and 46 on Bedford Avenue. This loan is for tax lot 46.

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 not received any significant violations 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 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 May 6, 2022. 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 May 6, 2022.

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 $1.3 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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