Black Bear Capital advises on The Crest Group’s
$35 million rental townhome development

Middle Island, NY Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management (BBAM), advised on a $35 million development project on behalf of The Crest Group. The advisory work included arranging a $24 million construction loan for The Villas at Oak Run, a residential rental community which will be located at the Northeast Corner of Birchwood Park Dr. and Middle Country Rd.

Bryan Manz and Emil DePasquale of BBCP arranged the $24 million financing package.

Kearny Bank provided a two-year balance sheet construction loan at 70% LTC/LTV to The Crest Group, structured with a favorable pari-passu equity and debt funding arrangement, a rare feature in today’s lending environment.

The proposed 74-unit, luxury 55+ townhome-style community will be situated on a 23.56-acre lot, the property will include 37 duplex buildings with two-bedroom, two-bath units totaling 93,138 s/f. Each apartment will come with a one-car garage, while community amenities include an indoor fitness center, half-mile walking path, and an outdoor recreational area with pickleball courts.

The project supports Brookhaven’s broader affordable housing initiative, which seeks to expand housing access for the town’s aging population by offering tax abatement incentives. The proposed development will have 20% of its units designated as either town or county affordable/workforce at $2,280/month and 80% of its units market rate at $3,650/month, under Brookhaven’s PILOT program.

“We’re proud to help bring this thoughtfully designed community to life and support the Town of Brookhaven’s mission to expand affordable housing options for seniors,” DePasquale said.

The Villas at Oak Run is scheduled for completion in 2027.

Over the past two decades, The Crest Group, a real estate investment, management, and development firm, has demonstrated a strong track record of identifying and acquiring high-potential development sites, consistently delivering well-executed projects across multiple asset classes.

“BBCP secured favorable terms with Kearny Bank in today’s challenging capital markets, demonstrating the strength of our development plan and the growing demand for quality 55+ housing options in Suffolk County,” said Daniel Scarda, director of corporate finance for The Crest Group. “It was a pleasure working with the BBAM team to get this transaction closed and we are eager to deliver additional high-quality development projects across our portfolio.”