Berkeley Gets $20M for Stonegate Apts.

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.