Black Bear Capital Partners (BBCP) has arranged $39 million in financing on behalf of The Crest Group to refinance the Villas at Eastview, a newly constructed 100-unit luxury multifamily community in Central Islip, NY. The transaction was structured as a lease-up financing at stabilized pricing, with a step-down rate structure.
New York Life Investment Management, on behalf of New York Life Insurance Company, extended a seven-year fixed-rate loan at 60% LTV to The Crest Group. The financing includes a 30-year amortization schedule and was secured at a competitive market rate. Emil DePasquale and Robert Serra of BBCP arranged the financing package.
“The Villas at Eastview represents exactly the type of high-quality, well-located residential asset that institutional lenders seek in today’s environment,” said DePasquale. “Structuring this as a lease-up financing at stabilized pricing with a step-down rate component required deep lender relationships and creative execution. We’re proud to have delivered a result that positions The Crest Group for long-term success at one of Long Island’s most compelling new multifamily assets.”
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