GARLAND, TX – Berkeley Point Capital recently closed a $20.5 million Bridge Loan for Broadway Apartments, a 288-unit property built in 1982 and located in Garland, Texas. The location, north of I-30 and east of I-635, makes an ideal setting for business commuters within the Dallas-Fort Worth metropolitan area. The pet-friendly community includes spacious one and two-bedroom apartments, two swimming pools and a fitness center.
Berkeley Point's production team, led by Braden Harmon and Hank Glasgow in the Firm’s Dallas office, was able to facilitate the loan for Exponential Property Group, whose history includes a solid roster of value-add investment properties within the DFW area. The loan will fund renovation of the interior, exterior, common areas, landscaping and amenities of the property in order to enhance the overall asset value. The short-term bridge loan, sourced through Bedrock Capital in New York, will provide exit flexibility once a rehab is complete.
About Berkeley Point Capital: Berkeley Point Capital is the preeminent source of capital solutions for multifamily owners and operators. With a nationwide presence and unparalleled expertise, Berkeley Point boasts a 30+ year history and a servicing portfolio of $58 billion representing in excess of 3,400 loans in 49 states. A top five Fannie Mae and Freddie Mac Lender in 2017, Berkeley Point offers a full complement of GSE, FHA, Life Company and Conduit products paired with extensive multifamily, affordable, student, seniors housing and healthcare expertise. This extensive and diverse national platform provides clients with superior execution in every market across the country. Berkeley Point is owned by Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol "NMRK". Newmark Group, Inc. is a publicly traded subsidiary of BGC Partners, Inc. (BGC), a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol "BGCP".