Ranieri Buys Deutsche Bank Multifamily Mortgage Unit
- Mar 16, 2012
By Dees Stribling, Contributing Editor
New York—Ranieri Real Estate Partners LP, a real estate financial services company, and private equity funds affiliated with WL Ross & Co. LLC have completed of the acquisition of Deutsche Bank Berkshire Mortgage, formerly a subsidiary of Deutsche Bank, for an undisclosed amount. The company has been renamed Berkeley Point Capital, and Jeffrey C. Day, who served as CEO of the previous entity, will be CEO of Berkeley Point.
Berkeley Point originates multifamily loans for Fannie Mae, Freddie Mac and the Federal Housing Administration, doing over $3 billion in multifamily originations last year. The company’s currently the second-largest originator of Fannie Mae loans and services a $29 billion multifamily loan portfolio, operating out of three primary offices: Bethesda, Boston and Irvine, Calif.
“As an independent company, Berkeley Point Capital will have much more flexibility to pursue growth opportunities,” Jon Vaccaro, head of real estate at Ranieri Partners and founder of Ranieri Real Estate Partners, tells MHN. “The new Berkeley Point provides us with a team that we know well and is capable of much more.”
The goal for Berkeley Point Capital is decidedly growth, Vaccaro adds. “Areas of interest include geographic expansion, and enhanced product lines, which could include health care-related real estate, such as assisted living and skilled care, student housing and more,” he says. Further, the new ownership group has many years of deep client relationships across the housing industry, which Berkeley Point will seek to capitalize on.”
Ranieri Real Estate Partners, founded in 2010, is part of Ranieri Partners, a New York-based financial services company. WL Ross, founded by turnaround specialist Wilbur L. Ross Jr. in 2000, has overseen more than $10 billion of private equity investments in a number of sectors.