BETHESDA, MD - Berkeley Point Capital LLC recently provided $33,280,000 in first mortgage proceeds for the acquisition and renovation of Camden Passage, a 596-unit, garden-style apartment community located in Kansas City, Mo.
The transaction was structured under the Fannie Mae Delegated Underwriting and Servicing (DUS®) program as a ten-year, 3.6% fixed rate execution with three-years interest-only and seven-years yield maintenance. The deal accommodates a significant capital investment budget and the renaming of the property to Northland Passage.
Berkeley Point Capital’s Robert Cantizano, Senior Managing Director of its Bethesda, MD office led the transaction for the Berkeley Point team. Berkeley Point worked with the borrower to provide a commitment prior to the expiration of their short due diligence period and closed the loan in record time. This transaction represents the second acquisition financing Berkeley Point has arranged in the past 90 days for the borrower, a multifamily investment fund focused on core and value-add acquisitions.
“We are so pleased to once again work with this investor on yet another attractive deal”, said Jim McDevitt, President, Berkeley Point Capital. “We look forward to an ongoing partnership with the firm and look forward to continuing to illustrate our ability to execute quickly.”
about berkeley point capital
Berkeley Point Capital LLC is one of the nation’s leading multifamily capital solutions providers. The firm boasts a 30+ year history and a servicing portfolio of over $29 billion representing in excess of 2,100 loans in 45 states and the District of Columbia. This extensive and diverse national platform allows us to provide our clients with superior execution in every market in the country.
Berkeley Point is owned by entities affiliated with Ranieri Real Estate Partners LP and WL Ross & Co. LLC. As a part of its multifamily expertise, the firm offers the full complement of Fannie Mae, Freddie Mac, and FHA products.
Focusing on a three-pronged strategy of exceptional people, unique multifamily capital solutions and superior technology, our team of 200 people located in nine offices across the nation provides our customers a competitive advantage through speed, creativity, ease of interface and certainty of execution.
For more information on Berkeley Point Capital, please visit our website at www.berkpoint.com