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W&D Arranges Refi for Clipper Apartments in Brooklyn Heights
Walker & Dunlop recently arranged $82 million in permanent financing for Clipper Realty’s Clover House, a newly-renovated luxury apartment complex located in Brooklyn Heights.
A Walker & Dunlop team led by Hirsch Simins and David Rosenberg secured the refinancing from MetLife Investment Management. Deal terms included rate-locking on the day of application and 10 years’ interest-only payments. Connect Media previously reported that the refi came in at a rate of 3.53%.
“It was a pleasure working again with Clipper Realty and MetLife Investment Management,” said Simins. “We explored many financing scenarios and MetLife was able to offer a very competitive permanent loan and rate lock before the asset was fully stabilized, which speaks to the strength of the borrower and the asset.”
The REIT acquired the 158-unit property, formerly known as 107 Columbia Heights, from the Jehovah’s Witnesses in 2017, and rebranded it as Clover House in 2019.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing

