San Francisco—Berkeley Point Capital and Freddie Mac have closed a $325 million refinance loan on The Gateway, a 1,254-unit community located at the edge of San Francisco’s central business district. The 1965- and 1967-built property is situated on three blocks and features 62,000 square feet of ground floor retail. The 10-year, full-term interest-only loan has a fixed rate of 3.38 percent, and is the largest single-asset loan in Berkeley Point Capital’s history. Mitch Clarfield, senior managing director at Berkeley Point, originated the financing.
The property has been in Berkeley Point’s and Freddie Mac’s portfolios since 1997, and this transaction represents their fifth financing of the property for the sponsor. The Gateway was refinanced in 1997 and then again in 2005. Second mortgages were placed on the property in 2001 as well as in 2007.
“Berkeley Point Capital and Freddie Mac had valuable knowledge about the asset and have a long-standing relationship with the asset’s ownership group, giving us an edge in what was a very competitive process,” Clarfield says. “We took a very proactive stance in the hope that we could provide our customer an opportunity to lock in a long term rate at what proved to be near historic lows. We worked closely with Freddie Mac to put an outstanding offer on the table. This is a one-of-a-kind asset and we wanted it to remain in our portfolio for at least another 10 years.”
Marcus & Millichap sells 116-unit community in South Carolina
Spartanburg, S.C.—Marcus & Millichap has completed the sale of Timber Creek, a 116-unit community located in Spartanburg, S.C. The property sold for $4.9 million at a 7.85 percent cap rate.
Mark Boyce, Andrew Mays and Paul Vetter, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Mark Boyce, Andrew Mays and Paul Vetter.
Timber Creek is located at 501 Camelot Drive in Spartanburg, SC. The property consists of 32 one-bedroom units, 64 two-bedroom units and 20 three-bedroom units. Units have washer/dryer connections and fully equipped renovated kitchens. Timber Creek was built in 1972 and renovated in 2008. Amenities include a pool, management office/clubhouse, and playground. At the time of sale occupancy was 98 percent.
Henry S. Miller brokers sale of property in Texas
Horseshoe Bay, Texas—Henry S. Miller Brokerage’s Multifamily Investments Team led by Executive Vice President Lew Wood recently completed the sale of Baycliff Apartments in Horseshoe Bay, Texas. Lew and his Miller multifamily investments team, associates Andrew Doster and Darden Orand, were awarded this Hill Country real estate assignment earlier this year. The team assisted the owner, Baycliff Ltd., in the disposition of the apartment community to local investor Baycliff Apartments LLC.
Located at 319 Clayton Nolen Drive, this ±22,732 square foot multifamily property includes a leasing office, lighted tennis court, large pool with tanning deck and a putting green on 209,088 square feet of land. The resident buildings contain 25 units that average approximately 995 square feet each. The property also includes 10 vacant multifamily lots for future expansion and development. Baycliff Apartments offers residents and the new owner a beautiful location that features boating and water activities just minutes away on Lake LBJ.