BETHESDA, MD – Berkeley Point Capital LLC recently closed a $32,700,000 loan for the refinance of Barton Vineyard Apartments, a 296-unit garden-style, class-A, apartment community located in Redlands, San Bernardino County, CA.
Financing was arranged under Fannie Mae’s Structured ARM program, which provides an attractive low adjustable rate and flexible prepayment options. This transaction was structured to be a ten-year, 2.31% adjustable-rate loan, with a 30-year amortization schedule. The loan has a one year prepayment lockout, and can either be repaid at a one percent premium or converted to longer-term fixed rate financing. Proceeds will be used to pay-off an existing higher fixed-rate loan. The transaction was closed 35 days after executing the application.
“We are so pleased to once again work with this sponsor on yet another attractive deal. This transaction provided the best possible combination of leverage, pre-payment flexibility, and a very low interest rate,” said Rob Cantizano, Senior Managing Director at Berkeley Point Capital. “We look forward to continuing our partnership with the firm and will continue to demonstrate our ability to execute as promised and in a timely manner.”
For further information contact:
Janelle Cooper, Marketing & Communications
301-347-4823 | janelle.cooper@berkpoint.com
about berkeley point capital
Berkeley Point Capital LLC is one of the nation’s leading providers of multifamily capital solutions. The firm boasts a 25+ 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 part of its multifamily expertise, the firm offers the full complement of Fannie Mae, Freddie Mac, FHA, and Life Company products as well as a proprietary bridge program.
Focusing on a three-pronged strategy of exceptional people, unique multifamily capital solutions and superior technology, our team of nearly 200 people located in ten 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