BETHESDA, MD - Berkeley Point Capital recently closed a $58.8 Million credit facility addition on an existing $80 Million facility funded in August 2011. The sponsor, Simpson Housing Fund I, LLC, a joint venture between Simpson Housing LLLP and a major East Coast pension fund, partnered with Berkeley Point’s Senior Managing Director, Mitch Clarfield, who led the transaction to expand the facility.
The approximately nine-year, 2.92 % fixed rate advance funded the acquisition of the 309-unit Metro at Greenway located in Houston, TX, and the refinance of the 114-unit Zoso Flats located in Arlington, VA. The original 10-year credit facility transaction is secured by the three other multifamily properties that the Fund currently owns. The facility now encumbers five of the Fund’s assets and is coterminous with the original advance. The credit facility, with a current outstanding balance of $138.8M, provides Simpson Housing Fund I, LLC the flexibility to request future advances with either a fixed or variable rate, as well as the ability to add, release and substitute collateral assets.
“We are pleased to have been able to deliver this execution for Simpson Housing. The flexibility of the facility allows them to retain the benefit of this extremely low rate, long term financing, even if they decide to replace some or all of the assets in the collateral pool, making the facility a real asset to the company“, said, Mitch Clarfield, Senior Managing Director, Berkeley Point Capital.
Metro at Greenway is situated on 3.8 acres just north of Southwest Freeway (Highway 59) and west of Weslayan Street. The Class A property was developed in 2008 and is adjacent to Greenway Plaza, a ten-building complex featuring 4,250,641 rsf of Class A office space as well as The Shops at Greenway. This prime location puts the property in close proximity to some of Houston’s strongest employment drivers, affluent neighborhoods, attractive dining, shopping and recreational offerings. The property offers various one and two-bedroom floor plans averaging 754sf and 1,144sf, respectively. Community amenities include: pool plaza with mosaic tile wall, infinity spa, and poolside terrace, tranquility courtyard with functioning orange grove, summer kitchen with seating for entertainment, 24-hour athletic center, locker room with saunas, complimentary tanning bed, demonstration kitchen with classes by a professional chef, gourmet food/wine tasting events, social gathering areas, resident lounge with gourmet coffee bar and Wi-Fi access, and parking garage with remote control access.
Zoso Flats is a mixed-use property built in 2008. It was originally designed as condos, but shifted to rentals when the condo market declined in 2007. The class A luxury property offers one and two-bedroom floor plans and features contemporary kitchens (granite countertops, maple cabinets, GE stainless appliances), modern baths (slate tile flooring, granite countertops, soaking tubs), full size washers and dryers, maple hardwood flooring, resident lounge, rooftop terrace, and fitness center. The project also has 19,116sf of retail space split into 10 units (currently 8 of the 10 units are occupied). Retail tenants include a salon, dental office, restaurant, wine bar, fitness center, dry cleaner, bake shop and chocolate shop.
Simpson Housing LLLP is a national fully integrated real estate development and portfolio management firm. Primarily focused on the multifamily market, Simpson builds and operates high-quality, residential communities throughout the United States. As one of the largest privately held residential developers and managers in the nation, it is organized to deliver a comprehensive range of real estate services – including development, property management, construction acquisition, marketing and financing.
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.