Finkelstein Timberger Nabs $54M Loan for Bronx Multifamily Assets
By Mack Burke March 9, 2020 6:07 pmreprints
Morgan Stanley has continued its early-year spree of financing Bronx multifamily properties.
The lender just provided a $53.9 million loan to Eastchester, N.Y.-based Finkelstein Timberger East Real Estate (FTERE) to finance a six-property bundle of multifamily assets in the borough, Commercial Observer has learned.
The 10-year financing pays interest at a fixed rate of 3.58 percent and includes interest-only payments for the life of the loan, sources said.
The properties sport a combined 386 units, four of which are for commercial use. They are located at 75 West 190th Street, 610 Trinity Avenue, 1791 Walton Avenue, 2770-80 Kingsbridge Terrace and 3031 and 3041 Holland Avenue. Five of the buildings are pre-war assets, except for 1791 Walton Avenue, which was built in 2003.
Black Bear Capital Partners (BBCP), the real estate debt and equity advisory arm of Black Bear Asset Management, sourced and arranged the portfolio mortgage on behalf of the borrower. BBCP’s Bryan Manz, Rob Serra, Phil Bowman, Emil DePasquale, and Brandon Harris led the deal.
Since the start of the year, Morgan Stanley has originated a series of CMBS loans on FTERE rental assets in the Bronx, including a $77.7 million loan last month on eight buildings in the borough as well as two loans, totaling $94.2 million on 11 buildings, in January, as CO previously reported.
A representative for Morgan Stanley was not able to comment or provide additional info prior to publication. FTERE could not immediately be reached.