October 19, 2020
Black Bear Capital Partners (BBCP) arranged $32 million in bridge financing on behalf of a private investor for the refinance of The Millennia, a new, ground-up multifamily rental property located at 20 Burling Lane in New Rochelle, NY.
The two-year bridge loan will be utilized to retire about $25 million in construction debt from Trevian Capital that was originated in 2019. Loan proceeds will be used to bring the 110-unit Millennia to completion/stabilization and repatriate sponsor equity.
Bryan Manz, Emil DePasquale, and Philip Bowman of BBCP arranged the financing on behalf of ownership. MF1 Capital, which provides bridge loans, preferred equity, and special situations financing to the multifamily sector, was the lender.
Manz said, “The Millennia will provide the newest and most amenity-intensive project in New Rochelle, and the lender did a terrific job committing and closing the loan within approximately 30 days amid a very difficult market.”
For comments, questions or concerns, please contact Paul Bubny