David Bistricer’s Clipper Equity borrows $82M from Metlife for multifamily property in Brooklyn Heights

David Bistricer’s Clipper Equity through the entity Clipper 107 Ch LLC as borrower signed a loan agreement with lender Metlife Real Estate Lending LLC valued at $82.0 million for the 158-unit Clover House at 107 Columbia Heights in Brooklyn Heights. The deal closed on November 8, 2019 and was recorded on November 19, 2019.
The property contains a total of 104,239 square feet of built space.
The average loan per buildable square foot is $787.
The new debt includes a $17.3 million gap mortgage. The last time the property sold was May 9, 2017, when Clipper bought it for $87,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 158 residential units on September 26, 2019.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $15,062,100.  There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $5,343,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link