Berkeley Point Capital and ARA Newmark Join to Close $211.9MM Refinance Loan
August 03, 2016
Bethesda, MD – Berkeley Point Capital recently teamed up with ARA Newmark to refinance a 9 property, multifamily portfolio containing 2,106 units for longtime client Steadfast Companies and Steadfast Income REIT, Inc., one of the Company’s public, non-listed REITs. The financing totaled $211.9MM and consisted of 7-year floating rate debt from Freddie Mac. Charlie Haggard, Managing Director at Berkeley Point Capital and Matt Greer, Senior Managing Director at ARA who was formerly with Berkadia, led the financing for Berkeley Point out of the Irvine, CA office. ARA, a Newmark Company, and Berkeley Point Capital are now aligned via common ownership within the Cantor Fitzgerald companies. Both Charlie and Matt have worked extensively with Steadfast over the past several years as the company has grown its multifamily portfolio.
“It was great to see the Berkeley Point/ARA team come together. Their participation was critical to the success of this refinance, which leaves Steadfast Income REIT well positioned to execute on its strategic plan,” said Tim Middleton, CIO of Steadfast Companies.
“Having known and competed against Charlie Haggard and Berkeley Point for many years, this transaction was the first opportunity for us to work together since I joined ARA. The process only confirmed what I already knew – Charlie and his team are among the best in the business,” said Matt Greer. “It was great to finally work collaboratively with Matt after having been competitors for a number of years,” added Charlie. “Our collective experience with Steadfast Companies and their relationship with Freddie Mac provided for a great execution for the client.”
Located within Chicago, IL, Kansas City, MO, Nashville, TN, Cincinnati, OH, Columbus, OH, Birmingham, AL, and Dallas, TX suburbs, the portfolio includes nine Class A/B apartment properties built between 1911 and 2013. Units range from 1-3 bedrooms in garden style and walk-up buildings and most units were recently renovated. The 7-year, adjustable rate loan closed in July 2016.
for further information contact:
business: Corey Debnam Cooper, Managing Director
617.722.5057 | Corey.Debnam-Cooper@berkpoint.com
media: Stacey Link, Marketing
617.722.5015 | firstname.lastname@example.org
about berkeley point capital
Berkeley Point Capital LLC is one of the nation’s leading providers of multifamily capital solutions. The Firm boasts a 29+ year history and a servicing portfolio of $52 billion representing in excess of 2,900 loans in 47 states and the District of Columbia. As part of our multifamily, seniors housing and healthcare expertise, Berkeley Point offers the full complement of Fannie Mae, Freddie Mac, FHA, Life Company and Conduit products, as well as a proprietary bridge program. The Firm has a team of 300+ professionals nationwide. This extensive and diverse national platform allows us to provide our clients with superior execution in every market across the country.