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Clipper’s Brooklyn Heights Apts. Garner $82M Refi
Clipper Realty Inc. has agreed to refinance its Clover House apartment property in Brooklyn Heights with an $82-million first mortgage. The fixed-rate 3.53%, 10-year refi from a global insurer will result in all of the company’s debt being fixed at low interest rates.
The company said Clover House had reached stabilization following a three-month lease-up period. Clipper expects the property to be fully leased by the end of the year. The REIT acquired the 161-unit 107 Columbia Heights from the Jehovah’s Witnesses in 2017, and rebranded it as Clover House this year.
“The rapid lease-up speaks to the quality and attractiveness of the building, and the operational excellence of our leasing team,” said CEO David Bistricer. “The proposed refinancing will improve our capital structure, eliminate interest rate risk at the property, reduce annual debt service requirements and provide greater flexibility and liquidity for Clipper Realty to execute our strategic plan.”
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