New York & Tri-State + Uptown/Bronx + Finance | December 11, 2020

Black Bear Capital Lines Up Green Refi on Bronx Apartments

Black Bear Capital Partners (BBCP) arranged $25.5 million in permanent financing on behalf of a private investor to refinance three multifamily properties in the Bronx.

Provided by Fannie Mae through PGIM Real Estate’s agency lending program, the loan featured a fixed interest rate of 3.14% for twelve years with five years of interest-only payments followed by thirty-year amortization schedules.

Bryan Manz, Emil DePasquale, Phil Bowman, and Jack Cohen of BBCP arranged the financing package. The three properties, totaling 146 units, are located at: 2320 Aqueduct Ave.; 2828 Valentine Ave. and 2885 Valentine Ave.

The loan was secured through Fannie Mae’s Green Rewards program, as the properties will be outfitted with a new photovoltaic system, LG Solar Panels, and Enphase Inverters. The GSE’s program rewards property owners that commit to reducing their properties’ annual energy and/or water usage by at least 30% by installing greener property improvements.

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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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