Morgan Stanley Lends $50M to Refi Bronx Multifamily Portfolio
Eastchester, N.Y.-based Finkelstein Timberger East Real Estate (FTERE) has secured a $50.4 million loan from Morgan Stanley to refinance a portfolio of five rental properties located throughout the Bronx, Commercial Observer has learned.
The 10-year, interest-only financing pays a fixed interest to Morgan Stanley at a rate of 3.78 percent, sources told CO. It was arranged on behalf of the borrower by Black Bear Capital Partners (BBCP), the real estate debt and equity advisory arm of Black Bear Asset Management.
A BBCP team of Bryan Manz, Rob Serra and Emil DePasquale negotiated the refinance.
“The quality of the assets and strength of the borrower enabled [us] to negotiate a favorable fixed-rate with interest-only payments,” Manz said in a prepared statement, adding that the deal’s loan-to-value was “conservative.”
The five properties — 2 Minerva Place; 901 Walton Avenue; 984 Sheridan Avenue; 1460 Macombs Road and 4040 Bronx Boulevard — comprise 357 rental units and nine commercial spaces.
FTERE recently tapped BBCP to procure a $67.1 million, five-year syndicated loan package for a separate batch of Bronx multifamily properties.
FTRE officials could not immediately be reached. A representative for Morgan Stanley confirmed the deal but declined to comment on the financing.