Finkelstein Timberger East Real Estate Secures $186.4M Loan For Bronx Multifamily Portfolio Through Fannie Mae's Green Rewards Program

Finkelstein Timberger East Real Estate has secured a $186.4 million loan for a multifamily portfolio in Bronx, New York. The loan, obtained through Fannie Mae's Agency Lending Program, was facilitated by Bryan Manz, Emil DePasquale, Phil Bowman, and Jack Cohen from @BlackBearCapitalPartners. The portfolio consists of 1,126 units located at 2544 Valentine Avenue, 3940 Carpenter Avenue, 211 Bedford Park Blvd, 2885 Briggs Avenue, 2908-10 Valentine Avenue, 2935 Holland Avenue, 116 Henwood Place, 1056 Sherman Avenue, 1495 Morris Avenue, 2100-2120 Wallace Avenue, 2765 Kingsbridge Terrace, 1791 Grand Concourse, 2294-2300 University Avenue, 2230-38 Grand Concourse, 1000 Anderson Avenue, and 2701 Webb Avenue.

Summary of transaction details

• Property Type: Multifamily
• Loan Amount: $186,410,000
• Units: 1,126
• Lender: Fannie Mae through PGIM Real Estate's Agency Lending Program

The loan features an average fixed rate of 2.98% for twelve years with partial interest-only payments, followed by thirty-year amortization schedules. Notably, this loan is part of Fannie Mae's Green Rewards program, marking their first large solar portfolio in New York City. The program incentivizes property owners to reduce their properties' annual energy and water usage by at least 30%, offering lower pricing, additional loan proceeds, and a free Energy and Water Audit Report to support green property improvements.