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Black Bear Capital Partners Arranges $44M in Permanent Financing for Allendale Corporate Center

Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, announced today that it has arranged $44 million in permanent financing on behalf of Allendale Corporate Center, LLC for the refinance of an industrial portfolio in Allendale, NJ.

The $44 million non-recourse loan, provided by Morgan Stanley, featured a ten (10) year fixed-rate loan on a full-term interest-only basis at approximately 65% loan to value (LTV).

The Corporate Center consists of six (6) industrial buildings spanning over 389,000 square feet. Each property within the portfolio features state-of-the-art manufacturing facilities and office/flex space with modern finishes. Furthermore, the Corporate Center has a high concentration of well-established and nationally recognized tenants, which manufacture medical instrumentation and materials including: Martab Medical, Bosch/Syntegon Pharma Tech, Alan Baird Industries Inc, Acuitive, and Collagen Matrix.

Allendale is situated within Northwest Bergen, which is a large submarket and contains close to 20 million sf of industrial space. Specifically, it is a part of the Northern New Jersey region that has experienced increased demand for logistics space as it has easy access to New York and other large East Coast metropolitan areas.

Senior Managing Partner Emil DePasquale of BBCP arranged the financing package.

“We are pleased to place this long-term, ten-year fixed-rate loan at an attractive rate on a full-term interest-only basis,” DePasquale said, noting that Morgan Stanley worked diligently to close the new financing package, which replaced a $33.5 million existing CMBS loan. “BBCP was able to utilize the quality of the Allendale Corporate Center to achieve a highly favorable and flexible structure consistent with borrower’s individualized business plan. It was a tremendous execution despite a volatile market.”

BBCP, which services transactions across all property types, closed numerous complex refinance packages in excess of $750 million year-to-date despite challenging market conditions. The firm, which has offices in New Jersey and Chicago, recently opened an office in Florida and continues to expand its national platform and market penetration.

With another $250 million currently in the pipeline, BBCP continues to ramp up its activity this year, having closed numerous financing packages in recent months on behalf of its clients nationwide, including NY, NJ, PA, OH, IL, AZ, NV, CA, FL, SC, MN, GA, NE, TX, CO, IN and CT.

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