Bethesda, MD – Berkeley Point Capital LLC has provided financing for the acquisition of seven multifamily properties located in Southern California on behalf of Dornin Investment Group. Berkeley Point Capital’s, Darrin Stovall, Director in its Irvine, CA office, has led the Berkeley Point team to structure the multiple transactions.
In the most recent transaction, proceeds were provided for the acquisition of Country Club Apartments, a 79-unit, multifamily community located in San Bernardino, CA. The deal was structured under the Fannie Mae Delegated Underwriting and Servicing (DUS®) program as $5,400,000, ten-year, fixed rate execution.
“The acquisition of Country Club continues our strategy of buying mismanaged, value add, distressed and/or opportunistic multifamily properties in Southern California,” according to Chris Dornin, President of Dornin Investment Group. “The property is well located near CSUSB (California State University San Bernardino) and the new Amazon distribution center and features well designed condominium style units. With some minor interior and exterior upgrades, new professional management and the continued expansion of the distribution and manufacturing sectors in the Inland Empire, we are excited about the long term potential of this asset.”
Prior to the foregoing transaction, Dornin Investment Group engaged Berkeley Point on a number of unique deals also structured under the Fannie Mae DUS ™ program as ten-year, fixed-rate mortgages including:
• $12,440,000 to acquire Royal Oaks Senior Apartments, a 122-unit age-restricted community in San Marcos, CA
• $6,937,000 to acquire the Sea Breeze Apartments, a 64-unit multifamily community in Lompoc, CA
• $7,735,000 to acquire 720 S. Normandie Apartments and 709 S. Mariposa Apartments located in Los Angeles, CA which were financed through one combined loan
• $5,360,000 to acquire Normandy and University Gardens in Riverside, CA which were also structured as one transaction
“We are very pleased with the relationship we have developed with Berkeley Point Capital over the past year and a half,” states, Chris Dornin, President of Dornin Investment Group. “Darrin Stovall and the team at Berkeley Point Capital did an outstanding job of understanding and underwriting these transactions based on our business plan and management track record. There were numerous challenges with the most recent closing, including limited historical information, tight closing time frames, title issues, and they were able to perform quickly, as promised and deliver a phenomenally low rate, high leveraged, long term financing that exceeded our expectations.”