Cross River, a Fort Lee-based, state-chartered, FDIC-insured bank and Equal Housing Lender known for its diversified commercial real estate lending program and deep market experience, on Monday announced it recently closed a bridge/renovation loan of $24 million with Clipper Equity, a real estate investment and development company with David Bistricer as its principal. The loan will facilitate the restoration of the Sears Building in Brooklyn, New York.
The development of the landmark is part of Clipper’s commitment to redevelop the entire city block, with the northern two-thirds of the block to be subject to the ground-up construction of approximately 900 residential units.
“This landmark deal exemplifies our team’s dedication to supporting our client’s diverse needs and our commitment to being a reliable partner in our clients’ growth journeys,” Shimon Eisikowicz, executive vice president and chief lending officer at Cross River, said. “Our keen focus on market dynamics and ability to strategically tailor financial structures, reflects our agility in adapting to evolving market trends and challenges.”
The Sears Building sits in the shadow of the Kings Theatre and benefits from the extensive revitalization of the entire area. The plan for the building is the renovation of the four floors to white-box finishes and lease to office and/or grocery tenants.
The loan was originated by Cross River’s construction lending team, headed by John Carella, director of construction lending, and assisted by Adam Ehrenreich, construction lending associate. Leah Paskus of Landstone Capital Group served as the mortgage broker for the deal.
