Black Bear Capital Arranges Refi on Allendale Industrial Portfolio
Black Bear Capital Partners (BBCP) arranged $44 million in permanent financing on behalf of Allendale Corporate Center, LLC for the refinance of an industrial portfolio in Allendale, NJ. Senior managing partner Emil DePasquale arranged the financing package.
The $44-million non-recourse loan, provided by Morgan Stanley, featured a 10-year year fixed-rate loan on a full-term interest-only basis at approximately 65% loan to value. It replaced an existing $33.5-million CMBS loan.
“BBCP was able to utilize the quality of the Allendale Corporate Center to achieve a highly favorable and flexible structure consistent with borrower’s individualized business plan,” said DePasquale. “It was a tremendous execution despite a volatile market.”
Allendale Corporate Center includes six industrial buildings spanning more than 389,000 square feet. It has a high concentration of well-established and nationally recognized tenants that manufacture medical instrumentation and materials, including: Martab Medical, Bosch/Syntegon Pharma Tech, Alan Baird Industries Inc, Acuitive, and Collagen Matrix.
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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