BETHESDA, MD – Berkeley Point Capital LLC recently facilitated $40,000,000 in first mortgage proceeds for the acquisition of AMLI Towne Square Apartments, a 380-unit, apartment community located in Houston, Harris County, TX. Constructed in 1999, the property includes twenty-two 4-story mid-rise buildings. The property will be renamed Standard on West Dallas.
The loan was structured under the Fannie Mae Delegated Underwriting and Servicing (DUS®) program as a seven-year, 3.46% fixed-rate mortgage with two-years interest only and 5 years yield maintenance then par.
This marks the 14th multifamily loan transaction between Berkeley Point Capital and sponsor, Baron Properties. Berkeley Point Capital Managing Director, Ed Belz of its Boston, MA office, led the transaction for the Berkeley Point team.
“The Berkeley Point team delivered as seamless an execution as it gets”, according to Jeff Riggs, Principal of Baron Properties. “Ed is a team player and a pro. The entire Berkeley team did a top notch job start to finish.”
Although this acquisition is the first multifamily property in Houston for Baron Properties, the sponsor has a significant industrial portfolio in Houston as well as extensive multifamily operations in Colorado and Arizona.
The sponsor plans on performing approximately $4.4 million in capital improvements which includes upgrading common area amenities and interior improvements. Unit interior upgrades include granite countertops, stainless steel appliances, faux wood floors throughout the kitchen and dining area, custom cabinetry, brushed nickel hardware and modern lighting packages.
about berkeley point capital
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 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.