DENVER-GlobeSt.com has exclusively learned that Berkeley Point Capital LLC has provided $64.35 million in combined financing for the refinance of an urban in-fill apartment community located in Denver, CO built in two phases—the Manhattan Tower, a 266-unit high-rise class-A apartment community constructed in 2004 (Phase I) and the Manhattan Lofts, a 134-unit mid-rise, class-A, apartment community constructed in 2012 (Phase II).
The sponsor is a joint venture between GID, a privately held, globally diversified, and fully integrated real estate organization located in Boston, and a public pension fund. The joint venture focuses its investments in institutional core multifamily real estate.
The loans were originated under the Fannie Mae Delegated Underwriting and Servicing program. The loans were structured in order to allow the sponsor the requested flexibility.
“We are pleased to once again partner with GID to help meet their investment strategy needs.” says Stephan Gianoplus, a managing director in Berkeley Point Capital’s Bethesda office. “We were able to work with our partners at Fannie Mae to create and close a financing solution that addressed GIDs structural needs.”
GlobeSt.com will follow this story as more information becomes available.