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Black Bear Capital Arranges $32M Loan for Refinancing of Multifamily Asset in New Rochelle

The-Millennia-New-Rochelle

The Millennia is a newly built, 110-unit apartment community in New Rochelle that features a small affordable housing component.

NEW ROCHELLE, N.Y. — Black Bear Capital Partners has arranged a $32 million bridge loan for the refinancing of The Millennia, a 110-unit luxury apartment complex in the northern New York City suburb of New Rochelle. The newly built property also houses 4,500 square feet of commercial space and roughly a dozen units that are reserved for renters earning 80 percent or less of the area median income. Amenities include a fitness center, private office space, outdoor grilling areas, a rooftop terrace and a putting green. Bryan Manz, Emil DePasquale and Philip Bowman of Black Bear arranged the loan, which will be used to retire $25 million in construction debt and stabilize the property, on behalf of the borrower MF1 Capital.

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