News & Insights

Berkeley Point Capital Provides $8.9M HUD Refinancing in Bay City, MI

January 25, 2018

SheffieldBethesda, MD – Berkeley Point Capital recently closed an $8.9 million FHA 232/223(f) loan to refinance Sheffield Bay Assisted Living & Memory Care, a 66-unit seniors housing community in Bay City, MI.

Mickey Rist, of Berkeley Point Capital, led the transaction that had a complicated ownership encumbrance that would deter most lenders from doing a loan. Berkeley Point came up with a creative structure to overcome the obstacle and payoff the existing bank loan on time, with maximum proceeds, at a very low interest rate fixed for 35 years.  “The non-recourse FHA loan fully amortizes over a 35-year term so our client never has to worry about another balloon note coming due and where interest rates could be at that time,” said Mickey Rist.

Built in 1999 and newly redecorated, Sheffield Bay offers residents a spacious private room with mix of 37 assisted living units and 29 secured memory care units, along with home-like common areas for social activities and relaxation.  Personalized assistance with daily needs is provided to each resident by dedicated and well-trained staff.  Other services include gourmet meals, housekeeping, laundry, medication management and transportation.

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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 | stacey.link@berkpoint.com

about berkeley point capital
Berkeley Point Capital is the preeminent source of capital solutions for multifamily owners and operators. With a nationwide presence and unparalleled expertise, Berkeley Point boasts a 30 year history and a servicing portfolio of over $58 billion representing in excess of 3,300 loans in 49 states. A top five Fannie Mae and Freddie Mac Lender in 2017, Berkeley Point offers a full complement of GSE, FHA, Life Company and Conduit products paired with extensive multifamily, affordable, student, seniors housing and healthcare expertise. This extensive and diverse national platform provides clients with superior execution in every market across the country.

Berkeley Point is owned by Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”. Newmark Group, Inc. is a publicly traded subsidiary of BGC Partners, Inc. (BGC), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.

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