Berkeley Point provides $212m agency loan on MF portfolio

Berkeley Point Capital has provided a $211.9 million refinancing on a 9-property portfolio to Steadfast Companies and its Steadfast Income REIT. The national lender of agency and non-agency multifamily loans provided the seven year, floating-rate loan through Freddie Mac.

Multifamily lender Berkeley Point Capital has provided a $211.9 million Freddie Mac loan to Steadfast Income REIT for the refinancing of a nine-property US apartment portfolio.

Charlie Haggard, managing director at Berkeley Point, teamed up with Matt Greer, a senior managing director at ARA Newmark, to lead and arrange the seven-year financing.

Multifamily_Stock photoThe portfolio includes Class A/B apartment properties in garden style and walk-up buildings built between 1911 and 2013.

Its 2,106 units range from one to three bedrooms located in Chicago, Illinois; Kansas City, Missouri; Nashville, Tennessee; Cincinnati and Columbus, Ohio; Birmingham, Alabama, and Dallas, Texas.

Berkeley Point has a loan portfolio of $52 billion comprising 2,900 loans in 47 states and the District of Columbia. This May, the lender provided a $70 million agency loan on a two multifamily properties in South Portland, Maine, and in February the firm closed $1.41 billion in Freddie Mac loans for Starwood Capital Group’s acquisition of a residential portfolio.

Steadfast Companies has acquired, developed and managed in excess of $5.5 billion of real estate, including a current portfolio of over 36,000 apartment units. Real estate broker ARA Newmark also worked on the deal

Earlier this month, the Federal Housing Finance Agency (FHFA) increased the multifamily lending caps for the agency lenders Fannie Mae and Freddie Mac by $4 billion – from $31 billion last year to $35 billion for 2016.