Finkelstein Timberger Secures $68M Refinancing for Bronx Multifamily
Finkelstein Timberger East Real Estate, a real estate owner and management company that manages residential apartment buildings, has secured a $63.8 million loan from Morgan Stanely to refinance an eight-property multifamily portfolio in the Bronx.
NEW YORK CITY- Finkelstein Timberger East Real Estate, a real estate owner and management company that manages residential apartment buildings, has secured a $63.8 million loan from Morgan Stanely to refinance an eight-property multifamily portfolio in the Bronx. Black Bear Capital Partners, a real estate financial advisory firm, arranged the loan on behalf of Finkelstein.
The loan has a fixed interest rate of 4 percent and ten years of full-term, interest-only payments. Comprised of 429 units, the eight multi-family properties are located at 271 E 197th St., 686 Rosewood Ave., 2505 Olinville Ave., 3215 Holland Ave., 1475 Sheridan Ave., 2305 University Ave., 2315 Walton Ave. and 2515 Olinville Ave.
Previously, Black Bear arranged an estimated $300 million on behalf of Finkelstein for its properties throughout the Bronx in the form of refinancing packages. Finkelstein is located throughout various parts of Bronx County and has more than 3,500 units in its portfolio.
“Black Bear and Morgan Stanley worked diligently to navigate capital markets and close this complex refinancing package, which featured an earn-out facility and ten years of interest only payments,” Bryan Manz of Black Bear said in a prepared statement. “We look forward to continued future transactions with both parties.”