David Bistricer’s Clipper Equity has secured a $386 million financing package for its massive rental project at 77 Commercial Street in Greenpoint. Bank of China provided $286 million in debt; SL Green supplied $100 million; and an undisclosed lender chipped in with a $25 million mezz piece. The loan has a term of three years with two one-year extension options, The Real Deal reported.
- Plans: Bistricer will use the financing to construct a trio of rental buildings with 720 units.
- Worth Noting: The new financing takes out a $70 million acquisition loan SL Green provided Bistricer when he acquired the site with his then-partner Joseph Chetrit for $25 million in 2012. Clipper bought out Chetrit for an undisclosed price last spring. [TRD]