David Bistricer used the CMBS market to refinance one of his office buildings in downtown Brooklyn with a $ 100 million loan.
Bistricer Clipper Equity secured funding from Citi on 216,000 square feet of REI Livingston Street, the CEO confirmed.
“We soon refinanced and extended the term with a lower interest rate,” Bistricer said.
Clipper had about $ 79.5 million left in mortgage of $ 79.5 million from real estate in 2016. Bistricer said attractive conditions in the CMBS market now prompted him to early refinance the loan, starting at an interest rate of 3.8 for the new York Community Bank loan one of 3.2 with a secured mortgage.
Ironhound Management has arranged financing on behalf of Clipper.
Bistricer bought the building for $ 14 million in 2002 from Blackacre Capital Management, a real estate investment firm Cerberus Capital Management.
Kings County Civil Court is the largest tenant in a building.