{"id":43945,"date":"2025-11-18T19:00:06","date_gmt":"2025-11-18T19:00:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/43945\/"},"modified":"2025-11-18T19:00:06","modified_gmt":"2025-11-18T19:00:06","slug":"bhi-provides-120m-bridge-loan-for-brooklyn-apartments-development-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/43945\/","title":{"rendered":"BHI Provides $120M Bridge Loan for Brooklyn Apartments Development\u00a0 \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/clipper-equity\/\" title=\"Clipper Equity\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Clipper Equity<\/a> is spreading its wings where a landmarked Sears building once stood.<\/p>\n<p>The development firm has landed a $120 million bridge loan from <a href=\"https:\/\/commercialobserver.com\/company\/bhi\/\" title=\"BHI\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">BHI<\/a> to retire past construction debt for a 227-unit multifamily project at 2359 Bedford Avenue in Flatbush, Brooklyn, Commercial Observer has learned.\u00a0<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2025\/11\/castellan-capital-santa-monica-loan-housing-multifamily\/\" rel=\"nofollow noopener\" target=\"_blank\">Castellan Capital Loans $42M to Refi Santa Monica Mixed-Use Complex<\/a><\/p>\n<p>The property, which was previously home to a longtime Sears Roebuck &amp; Company store that closed in 2021, is next to 2360 Bedford Avenue, where Clipper is developing a 296-unit apartment complex and received a $125 million bridge loan from Valley National Bank, CO also first <a href=\"https:\/\/commercialobserver.com\/2025\/11\/valley-national-bank-flatbush-brooklyn-apartments-sears\/\" rel=\"nofollow noopener\" target=\"_blank\">reported<\/a>.\u00a0\u00a0<\/p>\n<p>The loan from BHI, the U.S branch of <a href=\"https:\/\/commercialobserver.com\/company\/bank-hapoalim\/\" title=\"Bank Hapoalim\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Bank Hapoalim<\/a>, took out a previous $95 million construction loan from BHI and a $10 million loan from Be Aviv.\u00a0<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/landstone-capital-group\/\" title=\"Landstone Capital Group\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Landstone Capital Group<\/a>\u2019s Pinchas Vogel and Leah Paskus arranged the transaction, which was originated by BHI\u2019s Ilana Druyan and David Kesselman.\u00a0<\/p>\n<p>Clipper acquired the development site at 2360 Bedford and 2359 Bedford Avenue for $90.9 million from Vornado Realty Trust and Sears in 2022, Traded previously <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/traded.co\/deals\/new-york\/development-site\/sale\/2359-2360-bedford-avenue\/\">reported<\/a>. The developer is also building a<a href=\"https:\/\/commercialobserver.com\/2024\/03\/scale-lending-makes-140m-construction-loan-brooklyn-multifamily-building\/\" rel=\"nofollow noopener\" target=\"_blank\"> 354-unit multifamily project <\/a>at the former Sears catalog printing facility on 2366 Bedford Avenue. The 2359 Bedford, 2360 Bedford and 2366 Bedford residential developments all received 35-year tax abatements under New York City\u2019s now-expired 421a program.<\/p>\n<p>BHI and Clipper Equity did not immediately return requests for comment.<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2025\/11\/bhi-brooklyn-apartments-sears\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"Clipper Equity is spreading its wings where a landmarked Sears building once stood. The development firm has landed&hellip;\n","protected":false},"author":2,"featured_media":43946,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[98,100,99,25255,25256,25257,9,24,63,25258],"class_list":["post-43945","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-david-kesselman","tag-ilana-druyan","tag-leah-paskus","tag-new-york","tag-new-york-city","tag-nyc","tag-pinchas-vogel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/43945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=43945"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/43945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/43946"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=43945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=43945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=43945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}