Black Bear Capital Partners closes $39 million refinance for Villas at Eastview on behalf of The Crest Group

Central Islip, NY Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management (BBAM), arranged $39 million in financing on behalf of The Crest Group to refinance the Villas at Eastview, a newly constructed 100-unit multi-family community.

The transaction was structured as a lease-up financing at stabilized pricing, with a step-down rate structure reflecting the property’s strong initial lease-up trajectory and the lender’s confidence in its long-term performance.

New York Life Investment Management, on behalf of New York Life Insurance Co., has extended a 7-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, reflecting the quality of the asset and the strength of the sponsorship. Emil DePasquale and Robert Serra of BBCP arranged the financing package.

The Villas at Eastview is an 11-building, 129,498 s/f townhome-style community situated on an 8.6-acre lot. All 100 units are two-bedroom, two-bathroom residences averaging 1,295 s/f, designed with open-concept living and dining areas, custom cabinetry, quartz countertops, full stainless-steel appliance packages, landlord-provided washers and dryers, and other amenities.

“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, senior managing partner at BBCP. “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.”

“Securing institutional fixed-rate financing from New York Life at this level is a testament to the quality of the asset, the strength of our track record, and the tireless efforts of the BBCP team,” said Daniel Scarda, director of corporate finance at The Crest Group. “This transaction not only provides long-term capital certainty for the Villas at Eastview but further validates our continued investment in the Central Islip market. We look forward to delivering a best-in-class residential experience to our residents as the community continues to lease up.”

This latest transaction reflects a deepening and expanding relationship between BBCP and The Crest Group. Most recently, BBCP arranged a $24 million construction financing through Kearny Bank for Oak Run, a 74-unit multifamily development located at Middle Island Rd. and Birchwood Park Dr. in Middle Island, NY. Prior to that, BBCP arranged a $42.5 million CMBS refinancing through Morgan Stanley for The Crest Group’s 400,000 s/f Crossroads office portfolio in Hauppauge and Islandia, NY.

BBCP has also served as advisor on two landmark ground-up multifamily joint ventures in Pennsylvania’s Lehigh Valley, both involving BBAM, Greystone Capital, and The Crest Group, with additional transactions in the pipeline.