Clipper Equity signs $405M refi loan with Citibank, Chase for 766-unit rental in Greenpoint

Clipper Equity through the entity Waterview Developer LLC as borrower signed a refi loan with lender Citibank and JPMorgan Chase through the entity Citi Real Estate Funding, Inc. valued at $405 million for five properties including the property at 77 Commercial Street in Greenpoint, Brooklyn.
The deal closed on December 9, 2025 and was recorded on December 26, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $330 million.
The signatory for Clipper Equity was David Bistricer . The signatory for Citibank and JPMorgan Chase was Jessica Wong and Jonathan Misher .

The block

On the tax block of 85 Commercial Street, PincusCo has identified the owners of 19 of the 25 commercial properties representing 2,653,581 square feet of the 2,667,081 square feet. The largest owner is Brookfield Properties, followed by Greenpoint Manufacturing And Design Center and then Clipper Equity.
On the tax block, there were six new building construction projects totaling 1,557,585 square feet. The largest is a 335-unit, 338,353 square-foot residential (R-2) building submitted by Brookfield Properties and filed by Dan Berger with plans filed March 15, 2019 and permitted July 13, 2020. The second largest is a 374-unit, 318,639 square-foot residential (R-2) building submitted by Park Tower Group and filed by Guy Morton with plans filed April 3, 2020 and permitted June 21, 2021.

The majority, or 83 percent of the 2.7 million square feet of built space are elevator buildings, with industrial buildings next occupying 14 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 $2.4 billion in debt, with top three lenders as Valley National Bank, JPMorgan Chase, and Bank of China 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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