Black Bear Capital Partners Arranges $31M in Bridge Financing for Decatur Community on January 24, 2023 at 2:31 pm Connect CRE – Robert Khodadadian
Black Bear Capital Partners, a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $30.5 million in bridge financing on behalf of a private investor for the acquisition of Clairmont Crest Apartments in Decatur, GA.
Matthew Stearns and Zach Fitzgerald of Black Bear Capital Partners arranged the financing package. The $30.5 million loan, provided by Bridge Invest, featured a three-year floating-rate loan on a full-term interest-only basis at approximately 73% LTC.
Clairmont Crest Apartments was originally constructed as a conventional asset in 1986. It consists of two buildings spanning a total of 196 units. According to Black Bear Capital Partners, the new ownership identified this property because there was an opportunity to add value to an underperforming asset by providing service to a community of tenants in need. As a result, the sponsor plans to add an additional 17 units and renovate the outdated space.
The post Black Bear Capital Partners Arranges $31M in Bridge Financing for Decatur Community appeared first on Connect CRE.
Black Bear Capital Partners, a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $30.5 million in bridge financing on behalf of a private investor for the acquisition of Clairmont Crest Apartments in Decatur, GA. Matthew Stearns and Zach Fitzgerald of Black Bear Capital Partners arranged the financing package. The …
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