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New York & Tri-State  + Uptown/Bronx  + Finance  |  March 11, 2020
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By: Paul Bubny

Black Bear Lines Up $69M on Bronx Apartments

In two separate deals, Black Bear Capital Partners (BBCP) arranged $53.9 million in permanent financing on behalf of Finkelstein Timberger East Real Estate (FTERE) for the refinance of a six-property multifamily portfolio in the Bronx, and $15.5 million in permanent financing on behalf of The Morgan Group for the refinance of a two-property portfolio, also in the Bronx.

The loan to FTERE was provided by Morgan Stanley, and featured a fixed rate of 3.58% and 10 years of full-term, interest-only payments. Morgan Stanley also provided the loan to the Morgan Group, with a fixed rate of 3.55% and 10 years of full-term, interest-only payments. Bryan Manz, Rob Serra, Phil Bowman, Emil DePasquale and Brandon Harris of Black Bear Capital Partners arranged the financing packages.

These new loans follow several additional refinancing packages totaling nearly $400 million that BBCP recently arranged on behalf of both FTERE and The Morgan Group throughout the Bronx.

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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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