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Black Bear recaps Bronx portfolio

1299 Grand Concourse

Black Bear Capital Partners (BBCP), a subsidiary of Black Bear Asset Management, has arranged $77.7 million in financing on for the refinance of several multi-family portfolios.

The ten-year loan featuring a fixed rate of 3.635 percent and ten years of interest-only payments will refinance an eight-property multi-family portfolio in the Bronx. The properties include 537 total units (528 residential units, nine commercial units), located at: 1299 Grand Concourse; 2500 University Avenue; 2785 Sedgwick Avenue; 3018 Heath Avenue; 1576 Taylor Avenue; 2505 Aqueduct Avenue; 1264-1270 Gerard Avenue and; 1945 Loring Place.

Finkelstein Timberger East Real Estate (FTERE) was the borrower. 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, was the borrower. Morgan Stanley was the lender.

Bryan Manz, Rob Serra, Phil Bowman, and Emil DePasquale, of Black Bear Capital Partners (BBCP), arranged the financing packages. This new loan follows several refinancing packages totaling $161.3M that BBCP recently arranged on behalf of FTERE for additional properties located throughout the Bronx, NY.

BBCP has also arranged a $19.5 million, ten-year loan featuring a fixed rate of 3.60 percent and ten years of interest-only payments to refinance a three-property multi-family portfolio on the Lower East Side of Manhattan. The three properties, which include 65 total units (56 residential and 9 commercial), are located at: 72 Forsyth Street; 74 Forsyth Street; and 104 Forsyth Street.

Black Bear Asset Management was the borrower. Morgan Stanley was the lender. The properties, which are comprised predominantly of fair market value units, are located directly across from the B/D subway line and a could benefit from the positive growth drivers generated from nearby Essex Crossing.

The firm has also arranged a $9.325 million, two-year bridge loan featuring an initial floating interest rate of 5.15 percent for 144 West Street, a 22-unit multi-family property under construction in Brooklyn, NY. The loan will be used to bring the project to completion/stabilization and take out the existing construction loan. The building, which is subject to a 99-year ground lease, features 1,280 s/f of retail space, nine parking spaces and benefits from the Affordable Housing New York Program.

Caspi Development, led by principal Joshua Caspi, was the borrower. MF1 Capital, a NYC-based commercial real estate firm focused on providing bridge loans, preferred equity and special situations financing to the multi-family sector, was the lender.

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