BCB Property Management has secured a $78m fixed-rate loan to refinance a six-building multifamily portfolio in Manhattan’s Morningside Heights. Located near Central Park and Morningside Park, the buildings are currently 100 percent leased. Since it acquired the properties in 2014, BCB spent more than $10m in capital improvements and building system upgrades. Newmark Knight Frank sourced the funding through Signature Bank, which provided the senior loan, and Keysite Capital administered the mezzanine loan.
“Average asking rents in the submarket are currently at a 10-year high, which have experienced 13 percent growth since 2010,” said Daniel Fromm, senior managing director at NKF. “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.”
