Starwood secures $1.4B Freddie Mac financing

Berkeley Point Capital recently closed $1.41 billion in Freddie Mac acquisition loans for a 25 prope

Berkeley Point Capital recently closed $1.41 billion in Freddie Mac acquisition loans for a 25 property, five- state portfolio on behalf of long-time Berkeley Point Capital client, Starwood Capital Group. The 10-year, floating rate loans include a five-year interest only period with a 30-year amortization. All closed on January, 26, 2016. The portfolio’s collateral properties total 8,597 units located in California, Colorado, Florida, Maryland, and Virginia.

The diverse properties ranged in age from mid 60’s vintage to late 2000’s in age and include amenities such as clubhouses, fitness centers, dog parks, business centers, hot tubs, BBQ areas, saunas, playgrounds, and basketball, tennis, racquetball, and volleyball courts.

According to Charlie Haggard, Managing Director with Berkeley Point Capital’s Irvine, California office, “The closing of the portfolio was a huge success and driven by the very focused and coordinated efforts of Starwood, Freddie Mac and Berkeley Point, who had experience working together on numerous large portfolios over the past couple of years. The relationships and familiarity between the various parties allowed for a smooth and timely closing.” Haggard and Kevin Mignogna led the financial effort for Berkeley Point Capital.

“This is a testament to the teamwork and expertise of both Berkeley Point Capital and CCRE, which facilitated a significant transaction for one of our most important clients within a very tight time frame. The power of the combined entities is just being realized in a meaningful way with much more growth and success in our future,” said Jeff Day, CEO of Berkeley Point Capital.

Source: Real Estate Weekly