BCB Property Management Inc. (BCB) has refinanced a six-building multifamily portfolio in Morningside Heights with a $78 million deal.
Newmark Knight Frank (NKF) secured the fixed-rate senior loan from Signature Bank provided and a mezzanine loan from Keysite Capital.
The NKF team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of Debt & Structured Finance, along with Daniel Fromm and Jason Deck.
The 00 percent occupied properties, located at 111 West 104th Street, 242 West 109th Street, 3143 Broadway, 3147 Broadway, 3149 Broadway, and 500 Cathedral Parkway, are close to Central Park and Morningside Park.
Since acquisition in 2014, BCB has spent over $10 million in capital improvements for unit renovations, common areas, and building systems upgrades. “Average asking rents in the submarket are currently at its 10-year high, which have experienced 13 percent growth since 2010,” said Fromm.
“This refinancing allows BCB to repay their existing debt provided by Square Mile Capital and provides the capital necessary to successfully complete the execution of their business plan,” added Stolly.
