Black Bear Capital Partners Hosts $ 32 Million Bridge Funding: NYREJ
New Rochelle, New York State Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, arranged a $ 32 million bridge financing on behalf of a private investor for the refinancing of The Millennia, a new multi-family lease property located at 20 Burling Ln.
The $ 32 million two-year bridging loan will be used to repay approximately $ 25 million of construction debt incurred by Trevian Capital in 2019. The proceeds of the loan will be used to complete / stabilize The Millennia and repatriate equity capital. sponsors.
Bryan Manz, Emil DePasquale and Philip Bowman of BBCP organized the fundraising on behalf of the property. MF1 Capital, which provides bridging loans, preferred shares and special situation finance to the multi-family sector, was the lender.
“We are thrilled to be a part of the sponsor’s foray into New Rochelle, a city that has seen tremendous growth, especially in the multi-family space,” said Manz. “The Millennia will deliver the newest, most demanding equipment project in New Rochelle, and the lender has done a tremendous job initiating and closing the loan within approximately 30 days in a very difficult market.”
The Millennia, which is in final stages of development and 50% pre-released, is located in the city’s “Burling Lane Triangle” in the heart of Westchester County and just 15 miles north of Manhattan. Composed of 110 residential units, 147 parking spaces and 4,500 s / f commercial space, The Millennia also has an affordable housing component where 10% of the rental units in the building are available for rent at 80% of the median income of the region.
“We are proud of our company’s continued efforts to support affordable housing in New Rochelle,” said Jeff Taschler, assembly manager for MF1 Capital, who praised those involved in the transaction for increasing the number of affordable rental units. In the region.
The Millennia features a 200,000 cubic foot atrium, 24/7 fitness center, private office space, 24/7 concierge and valet services, club room, a lounge by the fire, a waterfall, a putting green, a roof terrace and outdoor barbecue and picnic areas. Rentals, averaging 903 sq. Ft., Are available in studio, one-bedroom and two-bedroom units and come with built-in washer / dryers, frameless glass showers, quartz countertops, gourmet kitchens inspired by heads and stainless steel. steel appliances.
“Entering the market for bridging finance on an ‘ongoing’ multi-family construction project in the midst of a global pandemic had its challenges, but the BBCP team stepped in and did a great job of making it happen. the finish line to this deal, ”the sponsor said. . “I look forward to working with them on future projects. ”
BBCP, which handles transactions on all types of properties, has expanded its national platform in recent months by opening two new offices, one in Chicago and one in New Jersey.
The company’s Chicago team, led by seasoned advisors Eric Trombly, Matthew Stearns, Raymond Zanca, Scott Modelski and Zach Fitzgerald, will focus on nationwide commercial real estate debt and equity transactions, primarily in the Midwest region.
Emil DePasquale and Brandon Harris, who lead the company’s New Jersey team, will service debt and equity placement nationwide, with a primary focus on the New York / New York tri-state area. Jersey.