David Bistricer turned a temporary situation at Tower 77 in Greenpoint into a permanent flex on the neighborhood’s booming multifamily market. Clipper Equity scored $450 million in permanent debt to refinance the 746-unit complex at 77 Commercial Street in the Brooklyn neighborhood, according to the Commercial Observer. JPMorgan Chase provided the financing, converting last year’s $430 million bridge loan into a five-year term. The debt deal was first reported by Commercial Real Estate Direct. Iron Hound Management’s Rob Verrone arranged the deal, which came about as the property stabilized with nearly 95 percent leased, according to Bistricer. There are two […]

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