Berkeley Point provides $70m agency loan on Maine apartments

Berkeley Point Capital has reportedly provided a $70 million Fannie Mae acquisition loan on a total of two apartment buildings in Portland, Maine.

Berkeley Point Capital has provided a $70 million Fannie Mae acquisition loan on a two multifamily properties in South Portland, Maine.

South Portland, Maine
South Portland, Maine

The loan went to the Jones Street Investment Partners to purchase Liberty Commons, a 120-unit apartment community, and Redbank Village, a 500-unit apartment community. The properties sold for a combined price of $87.5 million, “the largest apartment sale in Portland history,” according to an affiliate of CBRE, who represented the undisclosed seller in this deal.

Liberty Commons is comprised of six three-story buildings constructed between 2005 and 2006. The Redbank Village community is comprised of 238 one- and two-story buildings and was originally built in 1945.

Berkeley Point Capital is a national provider of agency and non-agency multifamily loans, with a loan portfolio of $50 billion as of this March. In February, the firm closed $1.41 billion in Freddie Mac acquisition loans for Starwood Capital Group’s acquisition of a 8,597-unit residential portfolio across 25 properties located in California, Colorado, Florida, Maryland, and Virginia.

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–effective immediately.