Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $25.5 million in permanent financing on behalf of a private investor for the refinance of three green multi-family properties in the Bronx, New York.
The three multi-family properties, which include 146 total units, are located at: 2320 Aqueduct Avenue, 2828 Valentine Avenue and 2885 Valentine Avenue.
The loan, provided by Fannie Mae through PGIM Real Estate’s agency lending program, featured a fixed interest rate of 3.14% for 12 years with five years of interest-only payments followed by 30-year amortization schedules.
The loan was secured through Fannie Mae’s Green Rewards program, as the Properties will be outfitted with a new photovoltaic system, state-of-the-art LG Solar Panels and Enphase Inverters. The program rewards property owners that commit to reducing their properties’ annual energy and/or water usage by at least 30% through the installation of greener property improvements.
Bryan Manz, Emil DePasquale, Phil Bowman and Jack Cohen of BBCP arranged the financing package.
