Clipper Equity signs $41.8M construction loan with Bank Leumi in Williamsburg

Clipper Equity through the entity Hope-Keap Owner LLC as borrower signed a new construction loan with lender Bank Leumi valued at $41.8 million for three parcels at 426 Rodney Street in Williamsburg, Brooklyn, development site (V1) at 428 Rodney Street in Williamsburg, Brooklyn, and development site (V1) at 118 Hope Street in Williamsburg, Brooklyn.
The deal closed on May 12, 2021 and was recorded on July 8, 2021.

The signatory for Clipper Equity was David Bistricer.

The financing is composed of a $27.2 million land loan, a $30.1 million building loan and a $11.7 million project loan. David Bistricer is the founder and principal of Clipper Equity.
Within a 400-foot radius of 426 Rodney Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on April 20, 2021 for a 98,206-square-foot R-2 building with 143 residential units residential units at 134 Hope Street.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 17, 2020 for the $3.3 million renovation of 20,100-square-foot R-1 building with nine residential units at 39 Ainslie St.
Of those six items, three were sales above $5 million totaling $113.9 million. The most recent of the three was Steve Dluzyn’s HUBB NYC which bought the 35,113-square-foot, 138-unit rental (D7) on 123 Hope Street for $83.8 million from Adam America Real Estate and Slate Property Group on March 27, 2020.
One of those six items was a loan which HUBB NYC borrowed $47.0 million from Teachers Insurance And Annuity Association Of secured by the 35,113-square-foot, 138-unit rental (D7) on 123 Hope Street on March 27, 2020.

Direct link to Acris document. link