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 millionin permanent financing on behalf of Millennia Apartments NR LLCfor the refinance of an apartment building in New Rochelle, NY.
Theloanprovided 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.”
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).
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