BETHESDA, MD. — Berkeley Point Capital has closed $1.4 billion in Freddie Mac acquisition loans for a 25-property, five-state portfolio on behalf of long-time client Starwood Capital Group.
The portfolio’s properties total 8,597 units located in California, Colorado, Florida, Maryland and Virginia. The properties were built between the mid-1960s and late 2000s and include amenities such as clubhouses, fitness centers, dog parks, business centers, hot tubs, barbecue areas, saunas, playgrounds, and basketball, tennis, racquetball and volleyball courts.
The 10-year, floating-rate loans include a five-year interest-only period with a 30-year amortization schedule. All loans closed on Jan. 26.
“The closing of the portfolio was a huge success and was driven by the very focused and coordinated efforts of Starwood, Freddie Mac and Berkeley Point,” says Charlie Haggard, managing director of Berkeley Point Capital’s Irvine, Calif. office. “The relationships and familiarity between the various parties allowed for a smooth and timely closing.”
Haggard and Kevin Mignogna led the financial effort for Berkeley Point Capital.
Berkeley Point Capital is a multifamily capital provider with a portfolio of over $50 billion including 2,800 loans in 49 states. The firm offers Fannie Mae, Freddie Mac, FHA, CMBS and life company loans. Commercial real estate financing company CCRE purchased Berkeley Point in 2014.
“This [deal] is a testament to the teamwork and expertise of both Berkeley Point Capital and CCRE,” says Jeff Day, CEO of Berkeley Point Capital.
Starwood Capital Group is a private investment firm headquartered in Greenwich, Conn. Businesses owned by the firm include Starwood Property Trust, Starwood Energy Group Global, Starwood Real Estate Securities and SH Group.
— Haisten Willis