Clipper Realty Secures $84.5 Million Loan from Citi and <a href="https://laohu8.com/S/MTK">Morgan Stanley</a> to Refinance Brooklyn Property
**Clipper Realty Secures $84.5 Million Loan for Brooklyn Property** NEW YORK, October 2, 2025 - Clipper Realty Inc. announced that its subsidiary, 1010 Pacific Owner LLC, has entered into a new $84.5 million loan agreement with Citi Real Estate Funding Inc. and Morgan Stanley Bank, N.A. The loan, secured by the residential rental property at 1010 Pacific Street in Brooklyn, carries a 5.73% annual interest rate and matures on October 6, 2030. The agreement refinances the company's prior $80 million mortgage with Valley National Bank, which was repaid in full at closing. Clipper Realty incurred approximately $1.7 million in closing costs and prepaid interest, while setting aside $0.2 million in escrow for taxes, insurance, and rent reserves. The company received net proceeds of about $2.1 million from the refinancing. The new loan includes customary covenants and default provisions.
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