Dealmaker: Berkeley Point Capital Provides $67M

Berkeley Point Capital, Bethesda, Md. provided $67 million for multifamily communities in three states.

In Charleston, S.C., Berkeley Point and its bridge lending partner Invesco Real Estate provided $31.5 million in acquisition financing for The Heyward, a recently completed 260-unit Class A mid-rise apartment community. Managing Director Bill Mott led the production team that facilitated the loan for investment firm KKR and private fund manager Carter-Haston.

The Heyward represents the first asset acquired as part of a $250 million acquisition facility for KKR and Carter-Haston.

Berkeley Point also closed a $20.5 million bridge loan for Broadway Apartments, a 288-unit property built in 1982 in Garland, Texas. Director Braden Harmon and Vice President Hank Glasgow secured the loan for Exponential Property Group, which plans to renovate the interior, exterior, common areas, landscaping and amenities of the property to enhance overall asset value.

The short-term loan, sourced through Bedrock Capital in New York, will provide exit flexibility once the rehabilitaton is complete.

Berkeley Point also closed a $15 million refinancing for Running Brook Apartments, a 186-unit property in South Miami Heights, Fla., 20 miles from downtown Miami. Managing Director Brian Kochan utilized the Fannie Mae Multifamily Affordable Housing loan program to secure the seven-year fixed-rate mortgage. He said the client plans a $4,500 per unit capital improvement program at the subject property.

“The affordable housing crisis in south Florida is painfully acute to the working-class residents living here,” Kochan said.