PGIM funds $40M loan on new New Rochelle apartment building

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Black Bear Capital Partners (BBCP) has arranged $40 million in permanent financing on behalf of Millennia Apartments NR LLC for the refinance of The Millennia apartment building in New Rochelle, NY.

The $40 million loan, provided by Fannie Mae through PGIM
Real Estate’s agency lending program, featured an attractive fixed rate of
2.88% for 10 years with interest-only payments for the entirety of the
term. 

Developed by the ELD Properties and local investor Robert Leaf,
The Millennia is now fully owned by Leaf after he bought out ELD’s minority
interest.

The newly constructed apartment building is located at 20
Burling Lane. The property spans more than 130,000 square feet and is comprised
of 110 luxury units. Eleven of the development’s 110 apartments have been
designated as affordable, with rents set at 80 percent of the area’s median
income. 

Situated 15 miles north of New York City within the Burling
Lane Triangle of New Rochelle, The Millennia is a block away from the train
station with proximity to I-95 and the Hutchinson River Parkway.

Bryan Manz, Emil DePasquale, and George Pektor of BBCP
arranged the financing package. 

“BBCP was able to utilize the quality of The Millennia to
achieve a highly favorable and flexible structure consistent with borrower’s
individualized business plan.” Manz said. “We are delighted to be a part of the
growth in New Rochelle, specifically in the multifamily space.”

“We are pleased to place this long-term 10-year fixed rate
loan in a timely and efficient manner,” said DePasquale, who noted that PGIM
worked diligently at closing the new financing package, replacing the $32
million bridge loan that had been in effect.

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