Fannie Mae Provides $25.48M Loan For Bronx Multifamily Properties

Black Bear Capital Partners recently facilitated a loan for three multifamily properties located in Bronx, New York. The properties include 2320 Aqueduct Avenue, 2828 Valentine Avenue, and 2885 Valentine Avenue. The deal was completed on December 4, 2020, with a loan amount of $25,480,000 provided by Fannie Mae through PGIM Real Estate's agency lending program. The properties are owned by Ed Friedman.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $25,480,000
• Lender: Fannie Mae
• Brokers: Bryan Manz, Phil Bowman, and Jack Cohen - Black Bear Capital Partners

The loan terms include a fixed interest rate of 3.14% for twelve years, with five years of interest-only payments followed by thirty-year amortization schedules. This transaction comes after Black Bear Capital Partners arranged financing for other multifamily properties, including a $4.5 million CMBS financing deal and $186.4 million agency financing for the refinance of sixteen multifamily properties throughout the Bronx.