Black Bear Capital Partners (BBCP) has arranged $63.8 million in permanent financing on behalf of Finkelstein Timberger East Real Estate (FTERE) for the refinance of an eight-property multifamily portfolio in the Bronx, NY.
The loan, provided by Morgan Stanley, featured a fixed rate of four percent and ten years of full-term, interest-only payments.
The eight multi-family properties, which include 429 total units (422 residential units, 7 commercial units) are located at: 271 E 197th Street; 686 Rosewood Avenue, 2505 Olinville Avenue; 3215 Holland Avenue; 1475 Sheridan Avenue; 2305 University Avenue; 2315 Walton Avenue; and 2515 Olinville Avenue.
Bryan Manz, Rob Serra, Emil DePasquale, and Brandon Harris of Black Bear Capital Partners (BBCP) arranged the financing packages.
The new loans follow several refinancing packages totaling nearly $300 million that BBCP arranged on behalf of Finkelstein Timberger East Real Estate (FTERE) throughout the Bronx, NY.
“BBCP and Morgan Stanley worked diligently to navigate capital markets and close this complex refinancing package, which featured an earn-out facility and ten years of interest only payments,” Manz said.
FTERE has more than 3,500 units in its portfolio.