DEAL OF THE DAY: Deutsche Bank Berkshire Mortgage Provides $185M Loan for BCRE Acquisition
- Feb 04, 2008
New York–Deutsche Bank Berkshire Mortgage (DBBM) has provided BPG Properties Ltd. a $185 million Freddie Mac loan for the acquisition of Boston Capital REIT, an 11-property portfolio of multifamily assets.BPG Properties Ltd. purchased the REIT on behalf of its Fund, BPG Investment Partnership VIII & VIIIA, L.P. Ten of the 11 multifamily properties were refinanced in this package. The financing was structured to be a seven-year fixed-rate plus one-year variable-rate financing. “The success of this transaction was tied to our relationship with Freddie Mac and the financial strength of the borrower,” says Adam Randall, a vice president at DBBM. “We were able to provide a competitive financing package that was tailored to meet the borrower’s specific needs.”The 11-property portfolio consists of over 2,000 units.