PGIM Lends $40M on The Millennia Luxury Apartments in New Rochelle
Millennia Apartments NR LLC, an entity affiliated with private investor Robert Leaf, has landed a $40 million Fannie Mae-backed debt package to refinance a multifamily development in New Rochelle, N.Y., Commercial Observer can first report.
PGIM Real Estate provided the loan through its agency-lending platform for The Millennia apartment building, located 15 miles north of New York City. The Fannie Mae loan has a fixed-interest rate of 2.88 percent for 10 years. The financing package replaced a $32 million bridge loan originated by MF1 Capital late last year, which CO first reported.
Bryan Manz, Emil DePasquale and George Pektor of Black Bear Capital Partners (BBCP) arranged the transaction.
“We are pleased to place this long-term, 10-year, fixed-rate loan in a timely and efficient manner,” said DePasquale.
The newly constructed apartment building located at 20 Burling Lane in New Rochelle comprises 110 luxury units. Eleven of the development’s apartments have been designated as affordable, with rents set at 80 percent of the area’s median income.
The property’s amenities include a 24/7 fitness center, private office space, complimentary valet services and a putting green. The building also contains a 60-foot glass atrium, fireside lounge, waterfall, and a rooftop terrace with outdoor grilling and picnic areas.
“BBCP was able to utilize the quality of The Millennia to achieve a highly favorable and flexible structure consistent with borrower’s individualized business plan.” Manz said in a statement. “We are delighted to be a part of the growth in New Rochelle, specifically in the multifamily space.”
Leaf and PGM officials did not immediately respond to requests for comment.
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