Black Bear Capital Partners (BBCP) has arranged $32 million in bridge financing on behalf of developer Robert J. Leaf for the refinance of The Millennia, a new, ground-up multifamily rental property located at 20 Burling Lane in New Rochelle, NY.
The two-year bridge loan will be utilized to retire about $25 million in construction debt from Trevian Capital that was originated in 2019. Loan proceeds will be used to bring The Millennia to completion/stabilization and repatriate sponsor equity.
Bryan Manz, Emil DePasquale, and Philip Bowman of BBCP arranged the financing on behalf of ownership. MF1 Capital, which provides bridge loans, preferred equity, and special situations financing to the multi-family sector, was the lender.
“We are excited to be a part of sponsor’s foray into New Rochelle, a town that has seen tremendous growth, specifically in the multifamily space,” Manz said. “The Millennia will provide the newest and most amenity-intensive project in New Rochelle, and the lender did a terrific job committing and closing the loan within approximately thirty days amid a very difficult market.”
The Millennia, which is in the final stages of development and approximately 50 percent preleased, is located within New Rochelle’s “Burling Lane Triangle” in Westchester County, 15 miles north of Manhattan.
Comprised of 110 residential units, 147 parking spaces, and approximately 4,500 s/f of commercial space, The Millennia also features an affordable housing component whereby 10 percent of the building’s rental units are available for lease at 80 percent of area median income.
“We are proud of our firm’s continued efforts to support affordable housing in New Rochelle,” said Jeff Taschler, Head of Originations for MF1 Capital.
The Millennia includes a 200,000-cubic-foot atrium, 24/7 fitness center, private office space, 24/7 concierge and valet services, club room, fireside lounge, waterfall, putting green, rooftop terrace, and outdoor grilling and picnic areas.
The luxury rentals, which average 903 square feet, are available in studio, one-bedroom, and two-bedroom layouts and are outfitted with in-unit washer/dryers, frameless glass showers, quartz countertops, chef-inspired gourmet kitchens, and stainless steel appliances.
“Coming to market for bridge financing on an ‘In Process’ construction multifamily project in the midst of a global pandemic had its challenges, but the BBCP team stepped in and did an excellent job getting this deal across the finish line,” said Leaf. “I look forward to working with them on future projects.”
BBCP, which services transactions across all property types, expanded its national platform in recent months by opening two new offices, one each in Chicago and New Jersey.