Black Bear Capital, The Crest Group finalize $42.5m
CMBS loan to refinance Long Island office portfolio

Islandia, NY Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management (BBAM), arranged $42.5 million in financing on behalf of The Crest Group to refinance the 400,000 s/f Crossroads office portfolio.

Bryan Manz and Emil DePasquale of BBCP arranged the financing package.

Morgan Stanley has extended a 10-year CMBS facility at 55% LTV to The Crest Group. The financing includes cash-out proceeds, eighteen months of interest-only payments, and a subsequent 30-year amortization schedule.

The Crossroads office portfolio is situated at 1707-1797 Veterans Memorial Hwy., Islandia, and 1363-1393 Veterans Memorial Hwy. in Hauppauge. Constructed between 1984 and 1989, the 13-property portfolio has a diverse mix of tenants from sectors including communications, healthcare, government, insurance, and financial services. Prominent national tenants include Stifel, Nicolaus & Company, Massachusetts Mutual Life Insurance Co., Flushing Bank, and Bankers Conseco.

With limited new office development in the region and a trend toward decentralized workplaces, the property is well positioned to capture continued leasing momentum.

“We are pleased to have advised The Crest Group on securing long-term financing for this well-located and expertly managed portfolio,” said Bryan Manz, senior managing partner at Black Bear Capital Partners. “Closing a transaction of this scale in today’s office market underscores both the quality of the asset and the strength of the sponsor, as well as continued lender confidence in durable, creditworthy suburban office properties.”

The Crest Group has built a reputation for effectively repositioning and managing office assets to maximize value and tenant satisfaction. With in-house expertise across leasing, asset management, and capital improvements, the firm consistently delivers stable performance through changing market cycles.

“This transaction was one of the most challenging we’ve faced given where capital market conditions are today for office,” said Daniel Scarda, director at The Crest Group. “Thanks to the tireless efforts and collaboration of the BBCP team, we were able to find a lender capable of bringing this deal to fruition, and we’re proud to have achieved such a successful outcome on such a high-quality asset and with all the parties involved.”

BBAM/BBCP, which services transactions across all property types, closed numerous complex refinance packages in excess of $1 billion in 2024 despite challenging market conditions. The firm, which has offices in New York, New Jersey, Chicago and most recently, Boca Raton and Tampa, Florida, continues to expand its national platform and market penetration.

With another $750 million currently in the pipeline, BBCP continues to ramp up its activity having closed numerous financing packages in recent months on behalf of its clients nationwide, including NY, NJ, PA, CT, NC, SC, GA, FL OH, IL, IN, MN, NE, TX, OK, AZ, NV and CA.