Berkeley Point Capital Provides $59M Fannie Mae Refi
- Apr 20, 2018
Berkeley Point Capital has closed a $59.4 million refinancing of the 598-unit Autumn Park Apartments in Charlotte, N.C. At the end of 2012, Rambleside Real Estate Capital acquired the property for $56.3 million and, since then, has spent another $3.3 million on exterior, common area and unit interior improvements. Berkeley Point’s production team, coordinated by Mitch Clarfield and Joshua Braceros of the company’s Santa Monica office, facilitated the debt placement by soliciting Fannie Mae, Freddie Mac and CMBS executions.
Located at 1801 Interface Lane, between IBM Drive and Mallard Creek Road, the 1999-built property provides easy access to Interstate 85. UNCC, IKEA, Concord Mills and the Charlotte CBD are minutes away. According to Yardi Matrix data, the 34-building property is managed by Fogelman Management Group. Autumn Park features one-, two- and three-bedroom apartments, all equipped with washers and dryers, fireplaces, vaulted ceilings, patios, water-efficient faucets, showerheads and toilets. The list of amenities at the pet-friendly property includes:
- two swimming pools
- double tennis court
- dog park
- grilling areas
- fitness center
- business center
- 600 parking spaces
Fannie Mae won the transaction by offering a 15-year execution with a shortened 10-year yield maintenance period and a 10-year interest-only period. The Fannie Mae Green Rewards program financed the loan, allowing Rambleside Real Estate Capital to quickly rate lock the cash-out refinance.
Image courtesy of Berkeley Point Capital
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com.