New York & Tri-State + Uptown/Bronx + Finance | July 16, 2021

Black Bear Capital Arranges Permanent Loans on Bronx, Westchester Properties

Black Bear Capital Partners (BBCP) arranged $46.6 million in permanent financing for properties in and around New York City. The new loans included $24 million in permanent financing on behalf of Caspi Development for the refinance of an office building in White Plains, NY, and $22.6 million on behalf of repeat client Finkelstein Timberger East Real Estate (FTERE) to refinance two multifamily properties in the Bronx.

Bryan Manz, Emil DePasquale, and George Pektor of BBCP arranged the financing packages.

The $24-million CMBS loan representing Caspi Development, provided by Morgan Stanley, featured a fixed rate of 3.85% for 10 years with full term interest-only payments.

The $22.6-million loan on behalf of FTERE, provided by Fannie Mae through PGIM Real Estate’s agency lending program, featured a fixed rate of 3.375% for 12 years with five years of interest-only payments followed by thirty-year amortization schedules.

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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 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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