Builder Taps SL Green for Brooklyn Rentals

COMMERCIAL MORTGAGE ALERT — 2019-03-29

**SL Green Realty** has agreed to lend $400 million for a luxury apartment project planned in the Greenpoint section of Brooklyn.

The REIT will initially originate a $70 million land loan on the waterfront site, along Commercial Street near Manhattan Avenue. **Clipper Equity** will use the proceeds to help buy out its partner, **Chetrit Group**. The remaining $330 million will fund the construction of a three-building complex with almost 800 apartments.

New York-based SL Green is expected to retain a junior portion of the debt package and syndicate the rest, most likely to banks and insurers.

Clipper, which is led by **David Bistricer**, tapped **Iron Hound Management** to line up the debt. An Iron Hound executive declined to comment.

A 95,000-square-foot warehouse is currently on the site, which Clipper and Chetrit, both of New York, acquired in 2012 for $25 million. The project, at 77, 85 and 87 Commercial Street, will include a 300-space underground garage. One-fifth of the units will be set aside as affordable housing.

The property, dubbed Waterview at Greenpoint, faces Newtown Creek. Nearby is Greenpoint Landing, a residential development by **Brookfield Properties** and **Park Tower Group** of New York that ultimately will encompass 5,500 units.