Black Bear Capital Partners Lands $107M in NYC Loans
- Feb 12, 2020
Financial advisory firm Black Bear Capital Partners has arranged $106.5 million in financing for a series of multifamily portfolios along with a property under construction in New York City. The deals included a $77.7 million loan to refinance a collection of eight apartment properties owned by Finkelstein Timberger East Real Estate (FTERE) in the Bronx.
Morgan Stanley provided the loan for the FTERE portfolio, which totals 537 units (including 9 commercial units) and is scattered across various neighborhoods of the New York City borough. The transaction follows a number of refinancing packages that BBCP has recently arranged on behalf of FTERE, including a $44 million loan for six Bronx properties last month.
Bryan Manz, Rob Serra, Phil Bowman and Emil DePasquale of BBCP arranged the latest round of financing packages. The 10-year, $77.7 million loan obtained by FTERE, a real estate investment and management firm with more than 3,500 apartments throughout the Bronx, features a fixed rate of 3.6 percent and 10 years of interest-only payments.
The eight properties, all built in the late 1920s, include:
- 2500 University Ave. (University Heights)
- 2505 Aqueduct Ave. (University Heights
- 1945 Loring Place (University Heights)
- 1299 Grand Concourse (Concourse)
- 1264-1270 Gerard Ave. (Concourse)
- 2785 Sedgwick Ave. (Kingsbridge)
- 3018 Heath Ave. (Jerome Park)
- 1576 Taylor Ave. (Parkchester)
Manhattan, Brooklyn Loans
In addition, the BBCP team also secured a $19.5 million loan to refinance a three-property, 65-unit portfolio in Lower Manhattan and a $9.3 million bridge loan for a 22-unit community under construction in Brooklyn.
The $19.5 million loan was arranged on behalf of BBCP parent Black Bear Asset Management for a trio of market-rate properties across from Sara D. Roosevelt Park. Morgan Stanley was the lender. The 10-year loan features a fixed rate of 3.60 percent and 10 years of interest-only payments.
Situated on the border of Lower East Side and Chinatown, the circa-1900 walkup buildings at 72, 74 and 104 Forsyth St. offer one- and two-bedroom layouts with modern finishes. The buildings sit across from the Grand Street subway station, serving the B and D lines, and several blocks to the west of the $1 billion Essex Crossing mixed-use project, which is slated to bring over 1,000 new residential units together with commercial and green space to the neighborhood.
BCCP’s remaining deal consisted of a $9.3 million, two-year bridge loan with an initial floating interest rate of 5.15 percent for 144 West St., a 22-unit community under development near the East River in Brooklyn. Caspi Development, led by Principal Joshua Caspi, was the borrower and MF1 Capital was the lender.
The new loan will be used to complete and stabilize the building and replace the existing construction loan. The building, which benefits from the Affordable Housing New York Program, features 1,280 square feet of retail space and is subject to a 99-year ground lease.