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Debt & Equity

BBCP arranges $47M in loans for Caspi, FTERE

Black Bear Capital Partners (BBCP) announced it arranged $46.6 million in permanent financing for Caspi Development and Finkelstein Timberger East Real Estate (FTERE).

Bryan Manz, Emil DePasquale, and George Pektor of BBCP arranged the financing packages.

The company secured a $24 million CMBS loan for Caspi Development from Morgan Stanley. It has a fixed rate of 3.85 percent for ten years with full term interest-only payments.

The funding refinances Caspi’s 160,000 s/f office building at 235-245 Main Street in White Plains (pictured top). Caspi has invested almost $3 million in capital improvements over the last three years, which has made the building an inviting and attractive space for tenants.

Specifically, one of the major improvements was to assist with the construction of Fogo de Chao, an upscale Brazilian steakhouse. The building also features spacious elevator lobbies and recently refurbished common areas.

The $22.6 million loan on behalf of FTERE, provided by Fannie Mae through PGIM Real Estate’s agency lending program, featured a fixed rate of 3.375 percent for 12 years with five years of interest-only payments followed by thirty-year amortization schedules.

3371-73 DECATUR AVENUE

The loan was secured through Fannie Mae’s Green Rewards program to fund the installation of a new Photovoltaic (PV) System, state-of-the-art LG Solar Panels, and Enphase Inverters at two multifamily properties, which include 140 total units, located at 111 E 167th Street and 3371-73 Decatur Avenue in the Bronx.

The Green Rewards program rewards property owners that commit to reducing their properties’ annual energy and/or water usage by at least 30 percent, offers lower pricing, additional loan proceeds, and a free Energy and Water Audit Report to finance smarter, greener property improvements.

Over the past 40 years, FTERE has consistently provided first class workforce housing throughout the Bronx. Fannie Mae, through PGIM’s RE agency lending program, were able to quickly grasp the merits of these assets and the value of growing its strategic relationship with BBCP/FTERE.

Manz said BBCP has financed more than $500 million in the Bronx for FTERE over the past 12 months.

“BBCP was able to utilize the longstanding reputation of both sponsors, along with the quality and performance of these well-run assets, to achieve a highly favorable and flexible structure that is consistent, yet reflective to each of the borrower’s individualized business plans,” Manz added.

“Both lenders did a tremendous execution despite the heavy concentration on retail within the deals.”

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