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New York & Tri-State  + Outer  + Finance  | 

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

Connect

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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