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New York & Tri-State  + Fairfield/Westchester  + Finance  | 

BBCP Arranges Refi on New Rochelle Rentals

Black Bear Capital Partners (BBCP) arranged $32 million in bridge financing on behalf of a private investor for the refinance of The Millennia, a new, ground-up multifamily rental property located at 20 Burling Lane in New Rochelle, NY. 

The two-year bridge loan will be utilized to retire about $25 million in construction debt from Trevian Capital that was originated in 2019. Loan proceeds will be used to bring the 110-unit Millennia to completion/stabilization and repatriate sponsor equity. 
 
Bryan Manz, Emil DePasquale, and Philip Bowman of BBCP arranged the financing on behalf of ownership. MF1 Capital, which provides bridge loans, preferred equity, and special situations financing to the multifamily sector, was the lender. 
 
Manz said, “The Millennia will provide the newest and most amenity-intensive project in New Rochelle, and the lender did a terrific job committing and closing the loan within approximately 30 days amid a very difficult market.” 

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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