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

2544 Valentine Avenue, 3940 Carpenter Avenue, 211 Bedford Park Boulevard, 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, 2701 Webb Avenue.
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This MultiFamily property located in NY received a loan of $186,410,000 over 3 years ago. The brokers of the deal were Jack Cohen, Phil Bowman, Bryan Manz, and Emil DePasquale

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.

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Deals
  • Location
    2544 Valentine Avenue, Bronx, NY, USA2544 Valentine Avenue, Bronx, NY, USA
  • Loan Value
    $186,410,000$186,410,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    4 Brokers, 1 Agency, 1 Lender4 Brokers, 1 Agency, 1 Lender

Agents

Emil DePasquale

Emil DePasquale

Deals52
Financed$1.3B

Jack Cohen

Jack Cohen

Deals3
Financed$211.9M

Agency

Black Bear Capital Partners

Black Bear Capital Partners

Agency
Deals294
Volume$6.3B

Fannie Mae

Fannie Mae

Lender
Deals59
Volume$ 226.8B

Deal Summary

LOAN IMAGE: Phil Bowman & Emil DePasquale DATE: 11/24/2020 ADDRESS: 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, 2701 Webb Avenue. MARKET: Bronx ASSET TYPE: Multifamily LENDER: Fannie Mae through PGIM Real Estate’s Agency Lending Program LANDLORD: Finkelstein Timberger East Real Estate BROKERS: Bryan Manz, Emil DePasquale, Phil Bowman & Jack Cohen - @BlackBearCapitalPartners LOAN AMOUNT: $186,410,000 UNITS: 1,126 LOAN TERMS: The $186.4 million loan featured an averaged fixed rate of 2.98% for twelve years with partial interest-only payments followed by thirty-year amortization schedules. NOTE: The loan, secured through Fannie Mae’s Green Rewards program, marks the Agency’s first large solar portfolio in New York City. The program, which rewards property owners that commit to reducing their properties’ annual energy and/or water usage by at least 30%, offers lower pricing, additional loan proceeds, and a free Energy and Water Audit Report to finance smarter, greener property improvements.

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2544 Valentine Avenue, 3940 Carpenter Avenue, 211 Bedford Park Boulevard, 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, 2701 Webb Avenue.

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