Black Bear Capital Partners ("BBCP") has secured a loan of $41.48 million for multifamily redevelopment in Peoria, IL, through Oculus Development.

The property involved in this transaction consists of two warehouse buildings located at 800 Southwest Washington Street and 801 Southwest Washington Street in Peoria, IL. The overall development will feature 170 apartment units and an additional 2,500 square feet of commercial space, financed through a construction loan. The total loan amount is $41,484,814.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $41,484,814
• Loan Type: Construction
• Loan Terms: Three-year, fixed-rate construction financing with full-term interest-only, and a bridge loan with a two-year, floating-rate facility.
• Loan-to-Cost Ratio: 66% for construction loan, 90% for bridge loan.
• Lender: Southern Bank
• Landlord: Oculus Development
• Capital Markets Advisors: Matthew Stearns, Zach Lutwak-Fitzgerald, and Michael Bernstein - Black Bear Capital Partners

The deal involves key representatives including Matthew Stearns, Zach Lutwak-Fitzgerald, and Michael Bernstein from Black Bear Capital Partners, who acted as capital markets advisors. The financing structure was designed to include Historic Tax Credit Equity to assist in the redevelopment process.