On March 30th Berkeley Point Capital closed a $59.4 million refinancing on Autumn Park Apartments, a 586-unit apartment community completed in 1999 and located in Charlotte, NC. Rambleside Real Estate Capital acquired the property in 2012 for $56.3M. Since acquisition, they have spent $3.3M on exterior/common area and unit interior upgrades. They have also transitioned the property to paperless leasing as of January 2018, whereby all leases and monthly rent payments are handled electronically, in order to improve efficiency and accuracy while also reducing expenses.
Berkeley Point's production team, led by Mitch Clarfield and Joshua Braceros of the Firm’s Santa Monica office, coordinated the debt placement by soliciting Fannie Mae, Freddie Mac and CMBS executions. The Berkeley Point team obtained aggressive quotes for the first-time client that achieved their desired timing, interest-only and proceeds objectives with highly competitive pricing. Fannie Mae ultimately won the transaction due to the flexibility offered by the 15-year execution with a shortened 10-year Yield Maintenance period and 10 years IO. The loan was financed through the Fannie Mae Green Rewards program and the Customer was able to quickly rate lock the cash-out refinance.
"It was a pleasure working the entire Rambleside Real Estate Capital team,” said Mitch Clarfield of Berkeley Point Capital. “They demonstrated tremendous knowledge of the asset and its market, making it easy for us to move quickly and achieve the repatriation of their initial investment in the property on excellent terms - a great result."
“Mitch and his team at Berkeley Point were knowledgeable, quick and efficient, making the process painless for all of us,” said Matthew Cohen, President of Rambleside Real Estate Capital. “The execution was flawless and we are extremely pleased with the result.”
Autumn Park Apartments is within minutes of the developing University Place neighborhood and Interstate-85, providing access to the Charlotte CBD. The pet-friendly property offers two swimming pools with a fire pit and a poolside cinema, a double tennis court, a dog park, grilling areas, a playground and a newly renovated state-of-theart-fitness center that includes a yoga studio, a spin room and a rowing room. The apartments feature washers and dryers, fireplaces, vaulted ceilings, patios and water-efficient faucets, showerheads and toilets. The property recently earned Property of the Year and Highest Revenue Increase honors among the 80 properties comprising 25,000 units, represented at the Fogelman Leadership Conference.
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 $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".
