July 30, 2020
Black Bear Capital Partners (BBCP) arranged $62 million in permanent financing on behalf of Finkelstein Timberger East Real Estate (FTERE) for the refinance of nine multifamily properties in the Bronx. The 12-year loan was provided by Fannie Mae through PGIM Real Estate’s agency lending program and features a fixed rate of 3.28% and five years of interest-only payments.
Bryan Manz, Rob Serra, Emil DePasquale, and Brandon Harris of BBCP arranged the financing package. With this new transaction, BBCP has arranged more than $350 million on behalf of FTERE throughout the Bronx year to date.
“Despite the COVID-19 crisis, BBCP was able to navigate a complex underwriting in a volatile market, working on a remote basis to achieve all borrower’s objectives with the refinance and rate lock/close on a timely basis to facilitate pay-offs of four different lenders,” Manz said.
Pictured: FTERE’s 3034 Grand Concourse.
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