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Debt & Equity

Eighteen buildings in Bronx get over $140M in refinancing

1210 Sherman Avenue

Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $142.6 million in permanent financing on behalf of The Morgan Group for the refinance of an 18-property multifamily portfolio in the Bronx.

Provided by Morgan Stanley, the loan package featured a fixed, blended rate of 3.78 percent and ten years of interest only payments. Bryan Manz, Rob Serra, and Emil DePasquale, of BBCP, arranged the financing. The new, low-leverage loan package replaces existing debt with a near-term maturity.

“BBCP, The Morgan Group, and Morgan Stanley worked diligently to close this complex refinancing package in timely and efficient manner for a large multifamily portfolio in the Bronx,” Manz said. “We look forward to arranging additional transactions with both parties.”

A breakdown of the ten-year transactions are as follows:

• $77 million loan featuring a fixed interest rate of 3.78 percent and ten years of interest-only payments to refinance nine properties consisting of 545 units (528 residential units, 17 commercial units). They are located at: 1210 Sherman Avenue; 1230 Teller Avenue; 176 East 176th Street; 1916 Grand Concourse; 2121 Grand Concourse; 2735 Marion Avenue; 2773 Briggs Avenue; 2781 Grand Concourse and; 2805 University Avenue.

• $33.3 million loan featuring a fixed interest rate of 3.92 percent and ten years of interest-only payments to refinance four properties consisting of 211 units (209 residential units, two commercial units). They are located at: 323 East Mosholu Parkway; 2550 University Avenue; 2952-54 Marion Avenue and; 3205 Grand Concourse.

• $32.3 million loan featuring a fixed interest rate of 3.65 percent and ten years of interest-only payments to refinance five properties consisting of 239 units (229 residential units, 10 commercial units). They are located at: 190 West 170th Street; 1057 Hoe Avenue; 1136 Sherman Avenue; 2979 Marion Avenue and; 3500 Tyron Avenue.

• This new $142.6 million refinancing package follows a $117.5 million in refinancing BBCP arranged late 2019 for a separate Bronx portfolio. The BBCP advisory team continues to grow, with a robust pipeline of debt and equity transactions both in the New York/New Jersey Tri-State region and nationally and across all property types.

The Morgan Group controls a large multifamily rental portfolio in the Bronx, Manhattan, Queens, Brooklyn, and Westchester County.

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