Bank Hapoalim and BHI provided $95 million in construction financing for Clipper Equity and local developer Anshel Friedman for a 226-unit development in Brooklyn's Flatbush neighborhood.
The project at the former Sears site will feature 148,000 square feet of development with a mix of unit types including one-bedroom, two-bedroom, and studio apartments, with 30% designated as affordable housing units.
Other financing for the project includes a $140 million loan from Slate Property Group and $105 million from Valley National Bank for adjacent buildings. The project is one of the last to qualify for the 421a tax abatement.
The closure of the Sears Roebuck & Co. department store in 2021 marked the end of an 89-year presence in NYC, concluding an era that began in 1932 with its grand opening attended by Eleanor Roosevelt.
#clipper-equity #construction-financing #affordable-housing #relocation-of-landmarked-building #historical-significance
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