Clipper Equity signs $140M refi with Berkshire for 354-unit rental in Flatbush
2366 Bedford Avenue (Credit - Cyclomedia)
Clipper Equity through the entity Bedford Beverly B LLC as borrower signed a refi loan with lender Berkshire Residential Investments through the entity MF1 Capital LLC valued at $140 million for the 354-unit residential elevator building (D6) at 2366 Bedford Avenue in Flatbush, Brooklyn.
The deal closed on March 3, 2026 and was recorded on March 6, 2026. The prior lender was Slate Property Group which held debt that had an original loan amount of $140 million.The property has 319,587 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $438 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 Berkshire Residential Investments was Jonathan Pfeil .
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The property
The residential elevator building with 354 residential units in Flatbush has 319,587 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is zero feet deep with a total lot size of 73,469 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 $2.2 million. Berkshire Residential Investments on March 3, 2026 bought a loan with an original principal of $140M from Slate Property Group signed by Stephen Krasman , secured by 2366 Bedford Avenue, when owned by Clipper Equity .
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 one DOB violation, $3,750 in ECB penalties, and $3,750 in OATH penalties in the last year.
Development
On the lot, there were construction projects, totaling 429,514 square feet. The largest, B00698117, is a new building project for a 351-unit, 248,012 square-foot R-2 building submitted by J Bistricer with plans filed March 22, 2022 and permitted February 6, 2024. The second largest, B00698115, is a new building project for a 299-unit, 181,502 square-foot R-2 building submitted by J Bistricer with plans filed March 21, 2022 and permitted February 23, 2024.
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 33 commercial properties with 7,500 residential units in New York City with 6,295,202 square feet and a city-determined market value of $767.7 million. (Market value is typically about 50% of actual value.) The portfolio has $2.8 billion in debt, with top three lenders as JPMorgan Chase, Citibank, and Valley National Bank respectively. Within the portfolio, the bulk, or 83 percent of the 6,295,202 square feet of built space are elevator properties, with D6 properties next occupying 9 percent of the space. The bulk, or 62 percent of the built space, is in Brooklyn, with Manhattan next at 38 percent of the space.
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