MIAMI, FL – Berkeley Point Capital recently closed a $15 million refinancing for Running Brook Apartments, a 186-unit property built in 2002 and located in South Miami Heights, roughly 20 miles from the city center. Brian Kochan, Managing Director in the Firm’s Bethesda office, led the financing utilizing Fannie Mae’s Multifamily Affordable Housing (MAH) loan program.
The new, 7-year fixed-rate mortgage allowed the Client to lock in attractive, long-term financing and commence a $4,500/unit capital improvement program at the subject, further enhancing a desirable affordable housing community in the heart of Miami Dade County.
Running Brook Apartments offers 2, 3 and 4 bedroom units equipped with air conditioning, large walk-in closets, washer/dryer connections and more. The property includes a swimming pool, volleyball court, BBQ area, and a playground.
The affordable housing crisis in South Florida is painfully acute to the working class residents living here. This loan was mission critical to Fannie Mae and they stepped up to help provide competitive financing for a Client who intends to preserve the apartments as high quality, clean, and safe affordable housing for years to come.
Berkeley Point is the preeminent source of capital solutions for multifamily owners and operators. Our firm boasts a 30+ year history and a servicing portfolio of $58 billion representing in excess of 3,400 loans in 49 states. A top five Fannie Mae and Freddie Mac Lender in 2017, Berkeley Point and its affiliates offer a full complement of GSE, FHA, Life Company and Conduit products paired with extensive multifamily, affordable, student, seniors housing and healthcare expertise.