Black Bear Asset Management Announces Recent Transactions, Charts Lending-backed Growth

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Real estate investment firm focuses on equity and debt investments in primary markets for 2017.

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Black Bear Asset Management LLC (“BBAM”), one of New York's leading real estate investment firms, has announced a suite of new investments that signals the start of its ambitious 2017 strategy.

BBAM, acting as advisor and principal investor, closed several significant deals in the final months of 2016:

  • In December 2016, BBAM closed a $27MM refinancing of a 23-unit residential apartment building with a total valuation of $60MM in Midtown Manhattan. The property, just off of Fifth Avenue, includes approximately 8,000 square feet of retail space. In addition to building out the retail component to suit high-end retailers, the sponsors plan to use the refinancing proceeds to upgrade the façade, apartment interiors, and building mechanicals.
  • In November 2016, BBAM provided $9.45M in preferred equity to a premier full-service real estate developer to transform a landmarked Beaux-Arts building on Manhattan’s Upper West Side. The project — located at 164 West 74th Street — has a total capitalization of $51,000,000.
  • In September 2016, BBAM closed a $7.3MM refinancing of two residential apartment buildings with a total valuation of $12.5MM, both with two ground-floor retail tenants, in the Park Slope section of Brooklyn. Since acquisition, the sponsors have repositioned two of the retail tenants and upgraded several rent-stabilized units to free market.
  • In addition, BBAM provided advisory services on multiple debt-related investments totaling $250MM.

This collection of transactions sets the stage to scale BBAM's strategy, centered on a balance of strategic equity and debt investments. In the coming months, BBAM plans to grow its footprint in the greater New York City area by issuing more than $100MM in preferred equity, mezzanine debt and other structured credit investments in the $2MM to $25MM range.

"We plan to scale by continuing to deploy our signature investment philosophy coupled with a focus on mid-market relationship lending," says Arthur D. Bellini, Managing Partner at BBAM. "As the metropolitan real estate market approaches a plateau, subordinate debt provides attractive risk-adjusted returns more senior in the capital structure than equity investments and Black Bear Asset Management is well-positioned to take advantage of market opportunities, as well."

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Founded in 2008 by Arthur D. Bellini and William Fung, the primary business of Black Bear Asset Management LLC ("BBAM") is to manage client and proprietary capital through value and growth-oriented investments in real estate and real estate-related assets across the United States. The firm's investment strategy seeks to achieve attractive risk-adjusted returns from current income and capital appreciation by investing in property and debt-driven opportunities in commercial real estate. All approaches adheres to BBAM's investment philosophy of risk control, consistent performance and stringent financial analysis. BBAM’s team of talented professionals has expertise in many facets of the real estate market including finance, development, land use, leasing, construction, building operations, and law.

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Andi Hughes
Co-Communications, Inc.
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