BETHESDA, MD - Berkeley Point Capital LLC recently provided $29,100,000 in first mortgage proceeds for the refinance of University Center, a Class-A, 372-unit, garden-style apartment community located in Charlotte, NC. The property was developed in 2008 and stabilized in late 2010 and early 2011.
This transaction was structured under the Freddie Mac Capital Markets Execution as a seven-year, 3.41% fixed rate loan with yield maintenance. Proceeds from this new financing were used to pay off an existing bridge loan.
Berkeley Point Capital’s Brian Kochan, Director in its Bethesda, MD office led the transaction for the Berkeley Point team. The sponsor, Real Estate Capital Partners, is a real estate investment advisor focused on creating superior risk adjusted returns by investing in existing and to-be-built apartment, office, industrial, retail and mixed-use properties in the US. This transaction represents the first financing Berkeley Point has provided for the sponsor.
“We are pleased to work with this sponsor to help meet their investment strategy needs”, said Jim McDevitt, President, Berkeley Point Capital. “In addition to delivering the terms as promised, we were able to deliver an additional $1 million in proceeds above our original application. We look forward to an ongoing partnership with the firm and look forward to continuing to illustrate our ability to execute.”
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