CHICAGO—Berkeley Point Capital LLC has just closed on the acquisition financing for Stonegate Apartments, a 420-unit apartment community in suburban Glendale Heights. Working on behalf of Stonegate Holdings GH, LLC and Riverbanc, Berkeley Point arranged for $20,653,750 million in financing under the Freddie Mac CME program. Stonegate Holdings was formed by Chicago-based Rockwell Partners and Riverbanc is a subsidiary of New York Mortgage Trust.
Stonegate was originally developed in 1976 as part of a larger multifamily apartment complex that at one time was one of the largest in the Chicago. A portion, however, was converted to condos in 2005 and the remaining 420 units are managed separately except for a shared leasing office and recreational facility.
The borrowers will provide an additional $1.2 million to fund property upgrades, including the development of an independent leasing and management office that they say have a higher visibility and better access than the current shared one.
“Stonegate Apartments provides a valuable housing need that is in high demand in its sub-market,” said Doug Fisher, a principal of Rockwell Partners. “It is Rockwell's intent to continue to serve the existing tenant base while improving the property to enhance their living experience.”
The Berkeley Point Capital team was led by Adam Randall, managing director, and introduced Riverbanc as the preferred equity partner in the deal. The loan was structured as a fixed rate, 7-year term loan with 30-year amortization.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
