Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $50.4 million in permanent financing on behalf of Finkelstein Timberger East Real Estate for the refinance of a five-property multifamily portfolio in the Bronx, NY.
The $50.4 million loan, provided by Morgan Stanley, featured a fixed rate of 3.78 percent and ten years of interest-only payments.
The five properties, which include 366 total units (357 residential and 9 commercial), are located at: 2 Minerva Place; 901 Walton Avenue; 984 Sheridan Avenue; 1460 Macombs Road and; 4040 Bronx Blvd.
Bryan Manz, Rob Serra, and Emil DePasquale, of Black Bear Capital Partners (BBCP) arranged the financing package.
“BBCP worked closely with the sponsor and lender to close this financing package at a conservative loan-to-value ratio,” Manz said. “The quality of the assets and strength of the borrower enabled BBCP to negotiate a favorable fixed-rate with interest-only payments.”
The loan follows multi-lender refinancing package BBCP arranged on behalf of Finkelstein Timberger East Real Estate (FTERE) totaling $67.1 million for several multifamily properties, also in the Bronx. That loan package included five-year loans at a blended rate of 3.71 percent with various regional lenders.
