Black Bear Arranges $186M Financing for Repeat Client FTERE
Black Bear Capital Partners (BBCP) arranged $186.4 million in permanent financing on behalf of Finkelstein Timberger East Real Estate (FTERE) to refinance 16 multifamily properties in the Bronx.
Provided by Fannie Mae through PGIM Real Estate’s agency lending program, the loan featured an averaged fixed rate of 2.98% for 12 years with partial interest-only payments followed by 30-year amortization schedules.
Bryan Manz, Emil DePasquale, Phil Bowman, and Jack Cohen of BBCP arranged the financing package.
“BBCP was able to leverage the stellar reputation of the sponsor, along with the quality and performance of these well-run assets, to achieve a highly favorable and flexible structure consistent with borrower’s individualized business plan,” said Manz.
The loan, secured through Fannie Mae’s Green Rewards program, marks the agency’s first large solar portfolio in New York City.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).