BERKELEY ARRANGES $20.7M LOAN FOR ACQUISITION OF STONEGATE APARTMENTS

GLENDALE, ILL. — Berkeley Point has closed $20.7 million in acquisition financing for the acquisition of Stonegate Apartments, a 420-unit apartment community in Glendale Heights, a western suburb of Chicago. The seven-year loan includes a fixed interest rate and a 30-year amortization schedule. The borrower will provide an additional $1.2 million to fund property upgrades. The borrower is Stonegate Holdings GH LLC, an entity formed by Chicago-based Rockwell Partners. Adam Randall, managing director, led the Berkeley Point capital team that arranged the Freddie Mac loan and introduced Riverbanc as the preferred equity partner in the deal.