BCB Secures $78M Refi Loan for NYC Portfolio
- Nov 09, 2018
BCB Property Management (BCB) has secured a $78 million fixed-rate loan for the refinancing of a six-building multifamily portfolio in New York City’s Morningside Heights neighborhood. Signature Bank provided the senior loan and Keysite Capital provided the mezzanine loan.
The properties are 100 percent occupied and are located at 111 W. 104th St., 2424 W. 109th St, 3143 Broadway, 3147 Broadway, 3149 Broadway and 500 Cathedral Parkway. The buildings are situated near Central Park and Morningside Park and offer easy access to restaurants, gyms and grocery stores.
“Average asking rents in the submarket are currently at its 10-year high, which have experienced 13 percent growth since 2010,” said Fromm, in prepared remarks. “This refinancing allows BCB to repay their existing debt provided by Square Mile Capital and provides the capital necessary to successfully complete the execution of their business plan,” added Stolly in prepared remarks.
Since its acquisition of the portfolio in 2014, BCB spent more than $10 million in capital improvements for unit renovations, common areas and building systems upgrades. A Newmark Knight Frank team of Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Jason Deck arranged the loan on behalf of BCB.
Last month, Camber Property Group and Belveron Partners purchased three Section 8 affordable housing properties in Upper Manhattan and Morningside Heights for $60 million. Greystone provided $45 million in bridge financing for the deal.
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