Clipper Equity will obtain a $450 million debt package for Tower 77, a 766-unit partially affordable community in Brooklyn, N.Y., according to a credit rating report by Fitch.
Financing is set to include a $405 million CMBS loan and a $45 million mezzanine note.
JP Morgan and Citi Real Estate Funding will co-originate and sell the debt. KeyBank and Situs will serve as master and special servicers, respectively. Deutsche Bank will act as trustee, while Computershare is slated to serve as certificate administrator.
Loan proceeds will refinance a prior $430 million note that JP Morgan issued in 2024, according to Yardi Matrix information. Clipper also earmarked $3.8 million for closing costs and $1.8 million for a reserve fund. The remaining $16.2 million will return as cash equity.
The community debuted in 2023 and consists of two towers rising 40 and 30 stories with 293 and 233 units, respectively, as well as one seven-story podium structure encompassing 240 units. Tower 77 also features 10,175 square feet of retail space and 283 parking spaces.
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Floorplans comprise studio and one- to three-bedroom layouts which average 655 square feet. The amenity package spans 40,000 square feet, including a swimming pool, gym, sauna and rooftop patio, among other features.
Since the community benefited from the Inclusionary Housing Program and the 421-a Tax Incentive Program, about one-third of the units are income-restricted for residents earning between 40 and 130 percent of the area median income.
Located at 77 Commercial St., the waterfront property is within walking distance of the Pulaski Bridge, while Lower Manhattan is roughly 5 miles away.
Clipper Equity manages an active portfolio of more than 60 properties encompassing some 3.3 million square feet across Brooklyn and Manhattan. The developer also works on expanding its footprint through further multifamily deliveries in Brooklyn, where it builds the 877-unit Bedford Square for which it received $120 million from Bank Hapoalim less than a month ago, Yardi Matrix data shows.
Multifamily loan originations reache three-year record
Multifamily debt origination increased 44 percent year-over year at the end of the third quarter of 2025, according to the latest MBA report. Additionally, the third quarter’s issuance was the strongest since the same interval of 2022.
In September, Blackstone obtained a $465 million loan package for a five-property collection. The debt refinanced 1,717 units in Massachusetts, Florida and Georgia.
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