Newswire Mann Report

Black Bear Capital Partners Arranges $32M for New Rochelle Multifamily

The Millennia

Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $32 million in bridge financing on behalf of a private investor for the refinance of The Millennia, a ground-up multifamily rental property at 20 Burling Lane in New Rochelle, New York.

The $32 million, two-year bridge loan will retire about $25 million in construction debt from Trevian Capital that was originated in 2019. Loan proceeds will be used to bring The Millennia to completion/stabilization and repatriate sponsor equity.

Bryan Manz, Emil DePasquale and Philip Bowman of BBCP arranged the financing on behalf of ownership. MF1 Capital, which provides bridge loans, preferred equity, and special situations financing to the multi-family sector, was the lender.

The Millennia, which is in the final stages of development and approximately 50% preleased, is comprised of 110 luxury residential units, 147 parking spaces and approximately 4,500 square feet of commercial space. It also features an affordable housing component whereby 10% of the building’s rental units are available for lease at 80% of area median income.

BBCP, which services transactions across all property types, expanded its national platform in recent months by opening two new offices, one each in Chicago and New Jersey. The firm’s Chicago team, led by veteran advisors Eric Trombly, Matthew Stearns, Raymond Zanca, Scott Modelski and Zach Fitzgerald, will focus on commercial real estate debt and equity transactions nationally with a primary focus in the Midwest. Emil DePasquale and Brandon Harris, who lead the firm’s New Jersey team, will service debt and equity placement on a national basis with a primary focus in the New York/New Jersey Tri-State region.