loans

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, through MF1 Capital on behalf of the undisclosed borrower.

NEW YORK CITY — Greystone has provided a $289 million Freddie Mac loan for the refinancing of The Summit, a 429-unit apartment community located at 222 E. 44th St. in Midtown Manhattan. About 25 percent of the residences are designated as affordable housing. Residential amenities include a fitness center, basketball and squash courts, indoor pool, sauna, theater room, game lounge and an outdoor entertainment area. Drew Fletcher, Matthew Klauer and Cassandra Connolly of Greystone originated the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, BLDG Management Co. Inc. Bank of China provided the original $251 million construction loan for the project in 2015.