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Clipper Realty refinances 2 NY properties

Multifamily and commercial real estate company Clipper Realty Inc. refinanced the Tribeca House in Manhattan, N.Y., and Flatbush Gardens in Brooklyn, N.Y., with two 10-year loans of $360 million and $246 million, respectively.

The $360 million secured loan for Tribeca House carries a fixed interest rate of 4.506% per year and is interest-only. For Flatbush Gardens, the company signed the secured first mortgage loan with the property's current lender, New York Community Bank. The loan, which is interest-only for 30 months, bear interest at a fixed rate of 3.5% per year for the first five years. Both loans are due February 2028.

The proceeds were used to repay both of the Tribeca House loans totaling $410 million and due November, as well as both of the Flatbush Gardens mortgage loans totaling roughly $168 million and due October 2024. The net remaining proceeds of $21.5 million boosted the company's cash position, according to a release.