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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