Morgan Stanley Provides $143M Refi for Bronx Portfolio

Black Bear Capital Partners arranged the loan package for a total of 18 properties.

2550 University Ave. Image courtesy of BBCP

The Morgan Group has secured $142.6 million in permanent financing for an 18-property multifamily portfolio totaling 966 residential units in the Bronx, N.Y. Morgan Stanley provided the refinancing, which was arranged by Black Bear Capital Partners (BBCP), part of Black Bear Asset Management.

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Bryan Manz, Rob Serra, and Emil DePasquale of BBCP arranged the new loan package, which replaces existing debt with a near-term maturity. The new financing has 10 years of interest-only payments and a fixed, blended rate of 3.8 percent. The deal comprises three transactions of $77 million, $33.3 million and $32.3 million, respectively.

The $77 million loan has a fixed interest rate of 3.8 percent, refinancing nine properties with a total of 528 residential units and 17 commercial units. Located in the neighborhoods of Concourse Village, Mt. Hope, Tremont and Fordham, the properties include:

  • 1210 Sherman Ave.
  • 1230 Teller Ave.
  • 176 E. 176th
  • 1916 Grand Concourse
  • 2121 Grand Concourse
  • 2735 Marion Ave.
  • 2773 Briggs Ave.
  • 2781 Grand Concourse
  • 2805 University Ave.

The $33.3 million loan, featuring a 3.9 percent fixed interest rate, refinances four properties comprising 209 apartments and two commercial units in Norwood, Kingsbridge Heights and Bedford Park:

  • 323 E. Mosholu Parkway
  • 2550 University Ave.
  • 2952-54 Marion Ave.
  • 3205 Grand Concourse

The final, $32.3 million piece has a 3.7 percent fixed interest rate and corresponds to five properties with 229 residential units and 10 commercial units in Highbridge, Longwood, Concourse Village, Jerome Park and Norwood:

  • 190 W. 170th
  • 1057 Hoe Ave.
  • 1136 Sherman Ave.
  • 2979 Marion Ave.
  • 3500 Tyron Ave.

Another Bronx multifamily deal

The Morgan Group, which offers rentals throughout New York City and Westchester County, N.Y., acquired the Bronx real estate over the last 7 to 20 years, BCCP told Multi-Housing News. The new deal follows a $117.5 million refinancing transaction that BBCP arranged for a separate Bronx portfolio late last year.

LIHC Investment Group, Belveron Partners and Camber Property Group recently teamed up to acquire a 1,275-unit affordable housing portfolio in the Bronx for $166 million. Cammeby’s International Group sold the collection of eight buildings, which are located in the Crotona, Mount Hope, and Fordham areas.

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