- Clipper Equity landed a $160M refinancing loan from MF1 Capital for its newly completed 240-unit property at 953 Dean Street, known as Prospect House.
- The new loan retires $123M in existing debt from a group of lenders including Valley National Bank, Bank Leumi, Bank Mizrahi-Tefahot, and Be Aviv.
- The project benefits from the now-expired 421a tax incentive program, with 72 units reserved for affordable housing.
Clipper Equity completed a new rental project in Crown Heights and secured fresh financing, according to The Real Deal. The firm’s 240-unit project, dubbed Prospect House, is moving into the lease-up phase, bolstered by a $160M loan from MF1 Capital.
Fresh Financing Secured
The refinancing loan replaces $123M in prior debt issued in 2023 by a consortium of lenders, including Valley National Bank and Bank Leumi. Landstone Capital Group’s Leah Paskus and Pinchas Vogel arranged the latest deal.
Project Details
Located at 953 Dean Street, Prospect House spans 250K SF and features an 84-car parking garage and ground-floor retail space. Thanks to the 421a program, 72 of the units are reserved for residents earning between 80% and 130% of the area median income.
Clipper Equity purchased the site for $4.7M three years ago, complementing an earlier $26M acquisition of nearby 1050 Pacific Street.
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A Growing Footprint
David Bistricer’s Clipper Equity continues to rank among the busiest developers in New York City. With over 1.6M SF of active projects, the firm is also advancing major developments, including a long-anticipated three-tower complex in Greenpoint and a four-building redevelopment of a historic Sears site in Flatbush.
Why It Matters
The refinancing underscores strong lender interest in newly completed, amenitized multifamily projects in Brooklyn, particularly those with partial affordability components. It also highlights Clipper’s ability to capitalize on favorable financing amid a shifting debt market.
What’s Next
With leasing underway at Prospect House, Clipper Equity will continue focusing on its pipeline of major projects across the city, reinforcing its position as a major player in New York’s multifamily sector.
