Black Bear Capital Partners Refinances Multifamily Portfolio In Dover & Morristown, New Jersey For $10.995M

A multifamily portfolio consisting of five properties located in Dover and Morristown, New Jersey has successfully undergone a refinancing transaction. The properties, located at 34 Sussex Avenue, 6 MacCulloch Avenue, 60 Elm Street, 56 Elm Street, and 91 Park Heights, collectively offer a total of 58 units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,995,000
• Address: 34 Sussex Avenue, 6 MacCulloch Avenue, 60 Elm Street, 56 Elm Street, and 91 Park Heights
• Market: Dover & Morristown, New Jersey
• Loan Type: Refinance
• Loan Terms: The 58-unit multifamily portfolio was refinanced with three non-recourse loans. The loans have a fixed rate for five years, with an automatic reset option after five years. The interest rate is based on a fixed credit spread and includes six months of interest-only payments. The loan also offers flexible prepayment and release provisions. The all-in blended rate for the portfolio is 3.30%.

The refinancing transaction was facilitated by Brandon Harris from Black Bear Capital Partners, who represented the parties involved.