Black Bear Capital Partners (BBCP) announced that it has raised $ 46.6 million in ongoing funding for Caspi Development and Finkelstein Timberger East Real Estate (FTERE).
Brian Manz, Emile De Pasquale and George Pector from BBCP organized funding packages.
The company received a $ 24 million CMBS loan for Caspi Development from Morgan Stanley. It has a fixed rate of 3.85 percent for ten years with interest only paid for the full term.
Funding is aimed at refinancing the 160,000 Caspi office building at 235-245 Main Street in White Plains (pictured above). Caspi has invested nearly $ 3 million in major renovations over the past three years, making the building an attractive and attractive destination for tenants.
In particular, one of the major improvements was helping to build the Fogo de Chao, an upscale Brazilian steakhouse. The building also has spacious lobbies with a lift and recently renovated common areas.
A $ 22.6 million loan on behalf of FTERE, provided by Fannie Mae under PGIM Real Estate’s agency lending program, was at a 3.375 percent flat rate for 12 years with five-year interest only payments, followed by thirty-year repayment schedules.
The loan was secured through Fannie Mae’s Green Rewards program to finance the installation of a new photovoltaic (PV) system, LG’s state-of-the-art solar panels and Enphase inverters in two apartment buildings that include 140 units located at 111 E 167th Street and 3371- 73 Decatur Avenue in the Bronx.
The Green Rewards program rewards property owners who commit to reduce their property’s annual energy and / or water consumption by at least 30 percent, offers lower prices, additional credit receipts, and a free energy and water audit report to fund smarter, greener improvements property. …
For the past 40 years, FTERE has consistently provided first-class employee housing throughout the Bronx. Fannie Mae, through the PGIM Real Estate Lending Program, was able to quickly assess the value of these assets and the value of developing its strategic relationship with BBCP / FTERE.
Muntz said the BBCP has funded over $ 500 million in the Bronx for FTERE in the past 12 months.
“BBCP has been able to leverage the long standing reputation of both sponsors, and the quality and performance of these well-managed assets, to create a very supportive and flexible structure that is consistent, but at the same time reflects the individual business plans of each borrower,” added Manz.
“Both lenders have performed amazingly despite their strong focus on retail deals.”
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