BETHESDA - MD – Berkeley Point Capital LLC recently provided a first mortgage for the refinance of Gables Summerset, a 752-unit multifamily community located in San Diego, CA.
The loan was structured under Freddie Mac’s Capital Markets Execution℠ program (CME) as a five-year, adjustable-rate mortgage with a maximum interest rate of 5.75%. The loan included full term interest only and flexible prepayment terms. The financing provided for the refinance of a maturing loan, while delivering cash-out proceeds to the sponsors.
The property is owned via a joint venture between entities affiliated with Gables Residential and institutional investors advised by J.P. Morgan Investment Management. Eastdil Secured brokered the transaction. Berkeley Point Capital Directors - Adam Randall of its Bethesda, MD office, and Kevin Mignogna and Charlie Haggard of its Irvine, CA office - led the Berkeley Point team.
“Berkeley Point worked closely with Freddie Mac, the sponsors, investment advisor and mortgage broker to structure this transaction,” said Jeff Day, CEO of Berkeley Point Capital LLC. “Through the efforts of all involved, we were able to deliver the desired terms and proceeds while providing flexibility in both the prepayment and transfer provisions."
Built in 1987, the community has been well maintained with exterior improvements completed between 2007 and 2011. Property amenities include a club house, fitness center, activity room, five pools, outdoor recreation areas and tot lots. Gables Summerset also participates in many green initiatives through energy efficiency and water conservation.
Berkeley Point Capital LLC is one of the nation’s leading multifamily capital solutions providers. The firm boasts a 30+ 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 a part of its multifamily expertise, the firm offers the full complement of Fannie Mae, Freddie Mac, and FHA products.
Focusing on a three-pronged strategy of exceptional people, unique multifamily capital solutions and superior technology, our team of nearly 200 people located in nine 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