Black Bear Capital Partners (BBCP) has arranged $25.5 million
in permanent financing on behalf of a private investor for the refinance of three multi-family properties in the Bronx, NY.
The properties are owned by longtime investor Edward Friedman’s Friedman Realty, according to public records.
The $25.5 million loan, provided by Fannie Mae through PGIM Real Estate’s
agency lending program, featured a fixed interest rate of 3.14 percent for 12 years with five years of interest-only payments followed by thirty-year amortization schedules
.
The three multi-family properties, which include 146 total units, are located at: 2320 Aqueduct Avenue; 2828 Valentine Avenue; and 2885 Valentine Avenue (pictured top).
The loan was secured through Fannie Mae’s Green Rewards program, as the Properties will be outfitted with a new Photovoltaic (PV) System, state-of-the-art LG Solar Panels, and Enphase Inverters. The program rewards property owners that commit to re