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.