Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management (BBAM) has arranged $39 million in financing on behalf of The Crest Group to refinance the Villas at Eastview, a newly constructed, 100-unit luxury multifamily community in Central Islip, N.Y.
The transaction was structured as a lease-up financing at stabilized pricing, with a step-down rate structure reflecting the property’s strong initial lease-up trajectory and the lender’s confidence in its long-term performance.
New York Life Investment Management, on behalf of New York Life Insurance Company, has extended a seven-year, fixed-rate loan at 60% LTV to The Crest Group. The financing includes a 30-year amortization schedule and was secured at a competitive market rate, reflecting the quality of the asset and the strength of the sponsorship. Emil DePasquale and Robert Serra of BBCP arranged the financing package.
“The Villas at Eastview represents exactly the type of high-quality, well-located residential asset that institutional lenders seek in today’s environment,” said DePasquale, senior managing partner at BBCP. “Structuring this as a lease-up financing at stabilized pricing with a step-down rate component required deep lender relationships and creative execution.”
The Villas at Eastview is an 11-building, 129,498-square-foot townhome-style community situated on an 8.6-acre lot in Suffolk County. All 100 units are two-bedroom, two-bathroom residences averaging 1,295 square feet, designed with open-concept living and dining areas, custom cabinetry, quartz countertops, full stainless-steel appliance packages, landlord-provided washers and dryers and other luxury amenities.
“Securing institutional fixed-rate financing from New York Life at this level is a testament to the quality of the asset, the strength of our track record, and the tireless efforts of the BBCP team,” said Daniel Scarda, director of corporate finance at The Crest Group. “This transaction not only provides long-term capital certainty for the Villas at Eastview but further validates our continued investment in the Central Islip market.”
This latest transaction reflects a deepening and expanding relationship between BBCP and The Crest Group. Most recently, BBCP arranged a $24 million construction financing through Kearny Bank for Oak Run, a 74-unit multifamily development located at Middle Island Road and Birchwood Park Drive in Middle Island, NY. Prior to that, BBCP arranged a $42.5 million CMBS refinancing through Morgan Stanley for The Crest Group’s 400,000-sf Crossroads Office Portfolio in Hauppauge and Islandia, NY.
BBCP has also served as advisor on two landmark ground-up multifamily joint ventures in Pennsylvania’s Lehigh Valley, both involving BBAM, Greystone Capital and The Crest Group, with additional transactions in the pipeline.
