In the News

Cross River Provides $24MM Loan to Redevelop Derelict Sears Building in Brooklyn

Brian Pascus, Commercial Observer

March 6, 2024

1 min read

The Art Deco tower in Brooklyn has fallen into disrepair in recent years after closing in 2021

Clipper Equity, a real estate development firm led by David Bistricher, has secured $24 million in financing to restore and renovate the Sears Building, an aging Art Deco structure in the Flatbush neighborhood of Brooklyn, Commercial Observer has learned.

Cross River originated the bridge loan. Cross River’s construction lending team, led by John Carella and Adam Ehrenreich, led the origination efforts for the renovation financing. Landstone Capital Group’s Leah Paskus arranged the financing on behalf of the sponsor.

Shimon Eisikowicz, executive vice president and chief lending officer at Cross River, called the financing “a landmark deal” in a statement.

“Our keen focus on market dynamics and ability to strategically tailor financial structures, reflects our agility in adapting to evolving market trends and challenges,” said Eisikowicz.

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