{"id":1004048141,"date":"2012-10-10T06:45:15","date_gmt":"2012-10-10T14:45:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004048141"},"modified":"2022-12-05T19:47:48","modified_gmt":"2022-12-06T03:47:48","slug":"berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\/","title":{"rendered":"Berkeley Point Capital Arranges $75M for Refinance of M-F Apartment Communities in D.C."},"content":{"rendered":"<p><em>By Gail Kalinoski, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/woodner.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004048143\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\/woodner\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/woodner.jpg\" data-orig-size=\"600,500\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"woodner\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/woodner.jpg?w=600\" class=\"alignleft size-medium wp-image-1004048143\" title=\"woodner\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/woodner.jpg\" alt=\"\" width=\"300\" height=\"250\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/woodner.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/woodner.jpg?resize=300,250 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>The Woodner, one of Washington, D.C.\u2019s largest multi-family communities, has had its mortgages refinanced in two separate Fannie Mae deals totaling nearly $75 million that will pay off maturing loans and upgrade parts of the 60-year-old property.<\/p>\n<p>Berkeley Point Capital L.L.C., a Bethesda, Md.-based national multi-family capital solutions provider, arranged for the $74.75 million refinance of the 1,072-unit, Class B, apartment complex located in the city\u2019s Mount Pleasant neighborhood. The property has two 13-story buildings that are connected by a lobby that has 37,510 square feet of commercial space, including a restaurant, dry cleaners, hair salon and grocery. Tower A is listed as 3636 16<sup>th<\/sup> St., NW, and Tower B is 3640 16<sup>th<\/sup> St. NW. The two towers have a net rentable square footage of 524,440 square feet.<\/p>\n<p>The transaction was underwritten as two separate loans because each tower is owned by separate but related entities of The Woodner Co., according to Berkeley Point Capital executives. The loan for Tower A was for $33,670,000 and the loan for Tower B was $41,080,000. They were structured under the Fannie Mae Delegated Underwriting and Servicing program and are cross-defaulted and cross-collateralized. Each has a 10-year term, a 9.5-year yield maintenance and are full-term interest only. Proceeds will be used to pay off six existing coterminous loans, three for each tower, that mature in June 2013 and to pay for upgrades to the common areas.<\/p>\n<p>Rob Cantizano, a Berkeley Point Capital director in the Bethesda office, led the transaction team for Berkeley Point Capital.<\/p>\n<p>\u201cWe are pleased to have worked closely with Fannie Mae and the sponsor to structure both of these loans simultaneously while providing the desired terms,\u201d said Jim McDevitt, president of Berkeley Point Capital. \u201cThe property has been owned and managed by the same family for over 60 years and is, by unit count, one of the largest apartment communities in Washington, D.C.\u201d<\/p>\n<p>The property was built in 1952 by The Woodner Co. of New York City, a diversified real estate management and development group with residential and commercial interests in Washington, D.C. and the New York area. It currently owns about 2,500 residential rental units.<\/p>\n<p>The multi-family market in Washington, D.C. continues to be strong with average asking rents expected to rise 4 percent this year to $1,467 and effective rents up 4.7 percent to $1,401 per month, according to the Third Quarter 2012 Apartment Research Market Report from Marcus &amp; Millichap.<\/p>\n<p>In its mid-year 2012 Marketbeat report, Cushman &amp; Wakefield also reports a strong multi-family performance so far this year with the stabilized vacancy rate at 3.5 percent for Class A and B properties, up slightly year-over-year.<\/p>\n<p>However, both commercial real estate firms note that more multi-family units are expected to hit the market this year, which should push rental rates downward.<\/p>\n<p>Berkeley Point Capital has a loan servicing portfolio of more than $29 billion representing more than 2,100 loans in 45 states and Washington, D.C. The firm is owned by entities affiliated with Ranieri Real Estate Partners, L.P. and WL Ross &amp; Co. L.L.C. Formerly known as Deutsche Bank Berkshire Mortgage, it was acquired in March from Deutsche Bank. The firm has been building up its executive ranks in recent months, including the appointment of McDevitt as president in July.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Berkeley Point Capital arranged for the refinance of a 1,072-unit, Class B apartment complex located in Washington D.C.&#8217;s Mount Pleasant neighborhood.<\/p>\n","protected":false},"author":1068,"featured_media":1004048143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742],"tags":[],"class_list":["post-1004048141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Berkeley Point Capital Arranges $75M for Refinance of M-F Apartment Communities in D.C. - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Berkeley Point Capital Arranges $75M for Refinance of M-F Apartment Communities in D.C.\" \/>\n<meta property=\"og:description\" content=\"Berkeley Point Capital arranged for the refinance of a 1,072-unit, Class B apartment complex located in Washington D.C.&#039;s Mount Pleasant neighborhood.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-10T14:45:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T03:47:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/woodner.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"Berkeley Point Capital Arranges $75M for Refinance of M-F Apartment Communities in D.C.\",\"datePublished\":\"2012-10-10T14:45:15+00:00\",\"dateModified\":\"2022-12-06T03:47:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\\\/\"},\"wordCount\":553,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/10\\\/woodner.jpg\",\"articleSection\":[\"Investment\",\"Mid-Atlantic\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/berkeley-point-capital-arranges-75m-for-refinance-of-m-f-apartment-communities-in-d-c\\\/\",\"name\":\"Berkeley Point Capital Arranges $75M for Refinance of M-F Apartment Communities in D.C. - 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