January 6, 2020
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.
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