Black Bear Capital Secures $69M in Loans for Bronx Assets
- Mar 11, 2020
Financial advisory firm Black Bear Capital Partners has arranged $69.4 million in permanent financing for Bronx, N.Y., multifamily assets owned by two companies—Finkelstein Timberger East Real Estate (FTERE) and The Morgan Group. The transactions involve the $53.9 million refinancing of a six-property portfolio owned by FTERE and a $15.5 million refinancing of a two-property portfolio owned by The Morgan Group.
Morgan Stanley provided the permanent financing loans, which all carry 10 years of full-term, interest-only payments. Bryan Manz, Rob Serra, Phil Bowman, Emil DePasquale and Brandon Harris of BBCP arranged the financing packages. These new loans follow several additional refinancing packages totaling nearly $400 million that BBCP recently arranged for both FTERE and The Morgan Group throughout the Bronx.
Manz said in a prepared statement BBCP has worked with both firms and Morgan Stanley over the past several months to close numerous complex refinancing packages, which have included earnout facilities totaling more than $12 million.
FTERE Loan Details
FTERE, a real estate investment and management firm with more than 3,500 apartments throughout the Bronx, refinanced its properties at a fixed rate of 3.6 percent. The six multifamily properties have a total of 386 units (382 residential units and four commercial units) and are located at:
- 75 W. 190th St.
- 610 Trinity Ave.
- 1791 Walton Ave.
- 2770-80 Kingsbridge Terrace
- 3031 Holland Ave.
- 3041 Holland Ave.
In February, Manz, Serra, Bowman and DePasquale of BBCP arranged a $106.5 million financing for several properties owned by FTERE in New York City and a property under construction. That deal included a $77.7 million loan to FTERE refinance eight apartment assets in the Bronx and followed a January transaction that included a $44 million loan to refinance six Bronx multifamily properties.
The Morgan Group deal
The Morgan Group, which owns a large multifamily portfolio throughout New York City and Westchester County, N.Y., refinanced its properties at a fixed rate of 3.6 percent. The two properties refinanced have a total of 118 residential units and are located in the Wakefield and Mt. Hope neighborhoods of the Bronx. The addresses were not released.
In January, the BBCP team of Manz, Serra and DePasquale arranged a $142.6 million loan for The Morgan Group to refinance a Bronx portfolio with 18 multifamily properties.