Dealmaker: Berkeley Point Closes $155M in Fannie Mae Transactions

Berkeley Point Capital’s Santa Monica, Calif. office closed $154.5 million in Fannie Mae transactions.

Senior Managing Director Mitch Clarfield said three deals were multi-asset credit facilities comprising five different advances on eight properties and five others were standard Fannie Mae Delegated Underwriting and Servicing transactions.

Berkeley Point initiated a credit facility for Simpson Housing Fund II, Denver, by funding three simultaneous advances totaling $154.5 million secured by three of the fund’s recent acquisitions. The advances include $81.9 million with a 10-year term, $31.3 million with a seven-year term and a $41.3 million 10-year variable-rate advance.

“All advances are interest-only for their respective terms,” Clarfield said. He noted that the credit facility’s weighted average interest rate started below 3.15 percent with only 25 percent variable rate exposure.

The advances are secured by the 164-unit Battery on Blake Street and the adjacent 226-unit 2101 on Market, both located across from Coors Field in downtown Denver. The collateral pool also includes the 370-unit Residence Buckhead in Atlanta’s Buckhead submarket. Simpson Housing Fund can release an asset and pay down any advance or provide a substitute property.  Additional advances are available for seven years based on net operating income and value growth on the collateral pool, which can expand to accommodate additional acquisitions or other debt refinancings.

“This credit facility is a follow-up to the $246 million facility secured by seven assets that Berkeley Point has outstanding with Simpson Housing Fund I,” Clarfield said. 

Berkeley Point Vice President Ryan Greer co-managed the execution with Clarfield.