Freddie Mac Financing for Starwood’s REIT Buy

Preston Greens in Dallas is among the apartment properties that traded to Starwood Capital in the Miestone privatization.

IRVINE, CA—In its second large-scale transaction with Starwood Capital Group thus far in 2017, Berkeley Point Capital provided the Greenwich, CT-based private equity firm with $2.22 billion in acquisition financing as part of its purchase of Milestone Apartments Real Estate Investment Trust, which closed this past Friday. In the largest financing it has arranged to date, Berkeley Point utilized Freddie Mac’s ARM product, providing 10-year floating rate financing for the portfolio.

Berkeley Point provided financing on 74 of the 78 multifamily assets included in Starwood Capital’s privatization of Milestone REIT. The assets covered by Berkeley Point’s financing were built between 1974 and 2016, and contain nearly 23,000 units. The majority are located in Texas and Florida, with the rest scattered across Arizona, California, Colorado, Georgia, Maryland, North Carolina, Tennessee and Utah.