December 1, 2020
Black Bear Capital Partners (BBCP) arranged $186.4 million in permanent financing on behalf of Finkelstein Timberger East Real Estate (FTERE) to refinance 16 multifamily properties in the Bronx.
Provided by Fannie Mae through PGIM Real Estate’s agency lending program, the loan featured an averaged fixed rate of 2.98% for 12 years with partial interest-only payments followed by 30-year amortization schedules.
Bryan Manz, Emil DePasquale, Phil Bowman, and Jack Cohen of BBCP arranged the financing package.
“BBCP was able to leverage the stellar reputation of the sponsor, along with the quality and performance of these well-run assets, to achieve a highly favorable and flexible structure consistent with borrower’s individualized business plan,” said Manz.
The loan, secured through Fannie Mae’s Green Rewards program, marks the agency’s first large solar portfolio in New York City.
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