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Black Bear Arranges Permanent Loan on New Rochelle Apartments
Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $40 million in permanent financing on behalf of Millennia Apartments NR LLC for the refinance of an apartment building in New Rochelle, NY.
The loan provided by Fannie Mae through PGIM Real Estate’s agency lending program featured an attractive fixed rate of 2.88% for 10 years, with interest-only payments for the entirety of the term. Known as The Millennia, the newly constructed apartment building sis comprised of 110 luxury units.
Bryan Manz, Emil DePasquale, and George Pektor of BBCP arranged the financing package.
“BBCP was able to utilize the quality of The Millennia to achieve a highly favorable and flexible structure consistent with borrower’s individualized business plan.” Manz said. “We are delighted to be a part of the growth in New Rochelle, specifically in the multifamily space.”
- ◦Financing
