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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.
- ◦Financing
