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Bronx investor refinances trio of properties with $25M loan

Black Bear Capital Partners (BBCP) has arranged $25.5 million in permanent financing on behalf of a private investor for the refinance of three multi-family properties in the Bronx, NY. 

The properties are owned by longtime investor Edward Friedman’s Friedman Realty, according to public records.

The $25.5 million loan, provided by Fannie Mae through PGIM Real Estate’s agency lending program, featured a fixed interest rate of 3.14 percent for 12 years with five years of interest-only payments followed by thirty-year amortization schedules.  

The three multi-family properties, which include 146 total units, are located at: 2320 Aqueduct Avenue; 2828 Valentine Avenue; and 2885 Valentine Avenue (pictured top).  

The loan was secured through Fannie Mae’s Green Rewards program, as the Properties will be outfitted with a new Photovoltaic (PV) System, state-of-the-art LG Solar Panels, and Enphase Inverters. The program rewards property owners that commit to reducing their properties’ annual energy and/or water usage by at least 30% through the installation of greener property improvements. 

Bryan Manz, Emil DePasquale, Phil Bowman, and Jack Cohen of BBCP arranged the financing package.  

“BBCP is proud to support our client’s commitment to sustainable ownership practices and overall efforts to create prime workforce housing throughout the Bronx,” Manz said. “Our team was able to add substantial value by using our experience as an originator of Fannie Mae loans and deep understanding of the agency lending process and various programs.  We look forward to continued future transactions with all parties.” 

The transaction comes only weeks after BBCP arranged $4.5 million in CMBS financing for the refinance of the 70-unit multifamily property located at 541 Bronx River Road in Yonkers, NY, which featured a fixed interest rate of 2.86% and ten years of interest only payments, as well as $186.4 million in agency financing for the refinance of sixteen multifamily properties throughout the Bronx, which featured an averaged fixed rate of 2.98% for twelve years with partial interest-only payments followed by thirty-year amortization schedules. 

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