BETHESDA, MD—Locally-based Berkeley Point Capital and ARA Newmark secured a $211.9 million, seven-year floating-rate loan from Freddie Mac to refinance a nine-asset apartment portfolio for Steadfast Income REIT, a public, non-listed REIT sponsored by an affiliate of Steadfast Cos., in Irvine, CA.

The apartments in the 2,106-unit portfolio were built between 1911 and 2013. The properties are located in Chicago, Kansas City, MO, Nashville, TN, Cincinnati, OH, Columbus, OH, Birmingham, AL, and the Dallas suburbs.

Steadfast Income REIT, which is now closed, had 65 properties with a total of 16,622 units in its portfolio, which had an aggregate purchase price of $1.6 billion, as of its last filing statement on March 31, 2016.

Steadfast Income REIT also reported $476.3 million of fixed rate debt with a weighted average interest rate of 4.32%, and $651.5 million of variable rate debt with a weighted average interest rate of 2.76%. The weighted average interest rate on the Company's total outstanding debt as of March 31, 2016 was 3.42%.

Charlie Haggard, managing director at Berkeley Point Capital and Matt Greer, senior managing director at ARA, led the financing for Berkeley Point out of the Irvine, CA office.

A Complicated Family Tree

Atlanta-based ARA and Berkeley Point Capital are part of the complicated family tree that is New York City's real estate finance company CCRE, or Cantor Commercial Real Estate.

CCRE has been steadily building up a platform through various acquisitions, such as Berkeley Point Capital, which it acquired in 2010. ARA, an Atlanta-based full-service investment brokerage network that only deals with multifamily housing, joined the group in 2014 through BGC Partners, a Cantor spinoff.

By the time of ARA's acquisition, BGC Partners already had a solid presence in the multifamily space and the brokerage company's acquisition was heralded as a complementary piece to its other capabilities. In 2011, BGC bought Newmark Knight Frank, then in the following year it acquired Grubb & Ellis to form Newmark Grubb Knight Frank.

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Charlie Haggard, managing director at Berkeley Point Capital and Matt Greer, senior managing director at ARA, led the financing for Berkeley Point out of the Irvine, CA office.

A Complicated Family Tree

Atlanta-based ARA and Berkeley Point Capital are part of the complicated family tree that is New York City's real estate finance company CCRE, or Cantor Commercial Real Estate.

Instant Insights /

CCRE Subsidiaries Arrange $212M Freddie Mac Refi for Steadfast Income REIT

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