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Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

The Morgan Group's portfolio includes this apartment community at 2250 University Ave. in New York City. (Photo courtesy of Black Bear Capital Partners)

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units.

Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 percent; a $33.3 million loan fixed at 3.92 percent; and a $32.3 million loan fixed at 3.65 percent.

The low-leverage loan package replaces Morgan Group’s existing debt, which was close to maturation.

Bryan Manz, Rob Serra and Emil DePasquale of BBCP arranged the financing for Morgan Group, which owns a large multifamily rental portfolio in the Bronx, Manhattan, Queens, Brooklyn and Westchester County.

“BBCP, The Morgan Group, and Morgan Stanley worked diligently to close this complex refinancing package in timely and efficient manner,” says Manz. “We look forward to arranging additional transactions with both parties.”

Morgan Stanley is a global financial services firm that operates in more than 41 countries. The company provides investment banking, securities, wealth management and investment management services.

Morgan Stanley’s stock price closed on Monday, Jan. 20 at $55.88 per share, up from $42.41 a year ago.

Black Bear Capital Partners is an affiliate of Black Bear Asset Management, a financial advisory and asset management firm based in New York City. BBCP principals have originated and closed more than $28 billion in commercial real estate financing nationwide, including a pipeline of deals in the Tri-State region.

— John Nelson

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