January 15, 2020
Black Bear Capital Partners (BBCP) 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. BBCP’s Bryan Manz, Rob Serra and Emil DePasquale arranged the financing package.
The $50.4-million loan from Morgan Stanley featured a fixed rate of 3.78% and 10 years of interest-only payments. The five properties are located at: 2 Minerva Pl.; 901 Walton Ave.; 984 Sheridan Ave.; 1460 Macombs Rd.; and 4040 Bronx Blvd.
“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 new loan follows an additional, multi-lender refinancing package BBCP arranged on behalf of Finkelstein Timberger totaling $67.1 million for several multifamily properties, also in the Bronx.
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