Clipper Realty Secures $82M Refi for Brooklyn Property

Clipper Realty Inc. has refinanced Clover House, a Class A, newly renovated luxury apartment building in Brooklyn Heights, N.Y., with an $82 million loan arranged by Walker & Dunlop Inc. The 10-year, interest-only, non-recourse secured first mortgage loan was provided by MetLife Investment Management. Walker & Dunlop’s New Jersey Capital Markets team led by Hirsch Simins and David Rosenberg was able to rate lock the transaction on the same day as application.  Clipper Realty stated in its third-quarter 2019 earnings report that the refinancing was expected to reduce annual interest expense by approximately $0.7 million and increase the company’s cash position by about $16 million. With the proceeds, the company repaid the existing loans on Clover House due May 2020 that totaled $64.7 million. The company stated all its outstanding debt is now fixed at attractive, low-interest rates.