BETHESDA, MD - Berkeley Point recently closed a $24.95 million loan to refinance Grace Park, a 128 unit, Class A, urban-style village property located in Morrisville, NC. This mixed-use property contains retail stores and is situated in close proximity to Research Triangle Park, a significant growth engine for the area. The financing was arranged under the Freddie Mac Capital Markets Execution program as a seven-year deal term and thirty -year amortization schedule.
The co-sponsors, Ed Kalikow of Kalikow Group and Ellis Coleman of EYC Companies, began the development of Grace Park in 2005 with a free-standing retail building, anchored by Starbucks. Complementary retail and apartment buildings were added in 2009-2010.
Berkeley Point Capital, led by Brian Kochan, Director, worked with Freddie Mac to structure the financing arrangement for the mixed-use property in order to achieve the goals of the co-sponsors. Despite the increasing interest rate environment, Berkeley Point and Freddie Mac were able to deliver a very favorable loan arrangement that included an increase in loan proceeds, based on the strength of the asset, the local market, and the sponsorship.
Situated near the top of a rise at a major intersection, the property offers its more than 20 retail tenants a high profile location with superb visibility and access, while also offering its apartment residents the benefit of high-end living with large floor plans, and the added convenience of restaurants and retail services on the same property. Grace Park is located at the southern end of Research Triangle Park, the largest research park in the United States.
“This transaction is yet another example of Berkeley Point’s expertise in facilitating a successful and seamless execution despite market conditions,” said Jim McDevitt, President, Berkeley Point Capital. “We look forward to continuing our partnership with the firm and to execute beyond expectations.”