Finkelstein Timberger East Real Estate Secures $186.4M Loan For Bronx Multifamily Portfolio Through Fannie Mae's Green Rewards Program
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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
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- Location2544 Valentine Avenue, Bronx, NY, USA
- Loan Value$186,410,000
- Asset TypeMultiFamily
- Parties4 Brokers, 1 Agency, 1 Lender
Agents
Agency
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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