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BBCP arranges $62M for Bronx multifamily refi’

Black Bear Capital Partners (BBCP) has arranged $62 million in permanent financing on behalf of Finkelstein Timberger East Real Estate (FTERE) for the refinance of nine multi-family properties in the Bronx, NY.

The 12-year $62.019 million loan on behalf of FTERE, provided by Fannie Mae through PGIM Real Estate’s agency lending program, featured a fixed rate of 3.28% and five years of interest-only payments.

The nine multi-family properties, which include 432 total residential units, are located at: 2531 Olinville Avenue; 2541 Olinville Avenue (pictured top); 2545 Olinville Avenue; 3034 Grand Concourse; 215 Mt Hope Place; 111 Mt Hope Place; 305 Bedford Park Boulevard; 675 E 234th Street; and 690 Gerard Avenue.

Bryan Manz, Rob Serra, Emil DePasquale, and Brandon Harris of BBCP arranged the financing package. With this new transaction BBCP has now arranged more than $350 million on behalf of FTERE throughout the Bronx in 2020.

FTERE is a real estate owner/management company that manages residential apartment buildings located throughout various parts of Bronx County, N.Y., with more than 3,500 units in its portfolio.

“Despite the Covid-19 crisis, BBCP was able to navigate a complex underwriting in a volatile market, working on a remote basis to achieve all borrower’s objectives with the refinance and rate lock/close on a timely basis to facilitate pay-offs of four different lenders,” Manz said.

“The Lender exceeded expectations with regard to loan amount, rate and structure on the transaction. We look forward to continued future transactions with all parties.”

The BBCP advisory team recently expanded its national platform with offices in Chicago and New Jersey.

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