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New York & Tri-State  + Outer  + Finance  |  May 13, 2024
Emily Fu
By: Emily Fu

JPMorgan Provides $430M Loan for BK’s Tower 77 

Clipper Equity has closed a $430 million loan for Tower 77, its three-tower multifamily property on the Greenpoint waterfront in Brooklyn. J.P. Morgan Chase provided the balance sheet loan, with Galaxy Capital’s Henry Bodek negotiating the financing. The new financing retires $386 million of construction debt from Bank of China and SL Green Realty in May 2020. 

Tower 77, designed by CetraRuddy Architecture, spans 799,000 square feet along the East River and offers a range of indoor and outdoor amenities, including a pool, sauna, fitness center, tennis court, game room, and pet spa.  

The development, approved by the New York City Council in 2013, has been in progress for several years, with construction topping out last year. Clipper Equity’s recent financing success extends to other Brooklyn projects, including a $105 million construction loan for a new multifamily project in Flatbush. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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