Clipper Realty Completes $606 Million Refinancing in Flatbush and Tribeca

Flatbush Gardens, 3301 Foster Ave. in Brooklyn

NEW YORK CITY—Clipper Realty completed refinancings of existing debt on its Flatbush Gardens complex comprising 59 buildings in Brooklyn, and the two building Tribeca House apartments. With these deals, the vast majority of the company’s debt is now fixed at low-interest rates, according to the real estate company’s CFO, Larry Kreider.

“These refinancings are an important step to lowering our overall cost of capital while extending the maturities of the instruments. With these transactions, annual debt service is initially reduced by approximately $6.6 million consisting of a $3.5 million reduction in annual interest expense and a $3.1 million reduction in annual principal amortization,” says Kreider.