Black Bear Capital Partners ("BBCP") has secured a $24 million loan from Kearny Bank for a multifamily development project in Middle Island, led by The Crest Group.
FINANCED
$24,000,000
New York
See Similar DealsMultiFamily1,026,156 SF
Financed 03/27/2025
FINANCED
Black Bear Capital Partners ("BBCP") has secured a $24 million loan from Kearny Bank for a multifamily development project in Middle Island, led by The Crest Group.
Middle Island Boulevard
See Similar DealsMultiFamily1,026,156 SF
Financed 03/27/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$23
Total Square Footage:1,026,156 SF
Transaction Type:Loan
The asset involved in this transaction is a multifamily development located on Middle Island Boulevard in Middle Island. The project spans a total square footage of 95,158 and consists of 74 units, reflecting a planned construction endeavor to meet housing demands in the area.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $24,000,000
- Lender: Kearny Bank
- Landlord: The Crest Group
- Loan Type: Construction
- Loan Terms: 2-yr floating rate loan with full-term IO at 75% LTC
- Brokers: Emil DePasquale & Bryan Manz - Black Bear Capital Partners
- Note from Broker: The Loan features Pari Passu funding of Debt and Equity.
The brokers involved in this transaction include Emil DePasquale and Bryan Manz from Black Bear Capital Partners, who play a crucial role in facilitating the financing for the construction of the multifamily development. Their expertise contributes to the successful structuring of the loan and overall transaction process.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,000,000.00
Monthly NOI$160,000.00
Monthly Debt Service$151,696.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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