Home›Real Estate›Industry›Berkshire buys out Limekiln stake in multifamily mortg…

Berkshire buys out Limekiln stake in multifamily mortgage lender MF1

The deal will make Berkshire the sole owner of MF1, and most Limekiln employees are expected to move into Berkshire roles.

Reported · Written up by our desk · Industry

Berkshire Residential Investments has agreed to acquire Limekiln Real Estate Investment Management, LP’s 50% interest in MF1 Process LLC, bringing the private-label multifamily mortgage lender under Berkshire full ownership.

MF1 was launched in 2018 as a 50-50 joint venture between Berkshire and Limekiln founder Scott Waynebern. Terms of the transaction were not disclosed.

As part of the acquisition, Berkshire expects most Limekiln employees to become Berkshire employees. Eric Draeger, Berkshire’s partner and CIO, said the joint venture has been successful and that the companies will integrate multifamily equity, securities, and debt origination platforms into a single Berkshire team.

Waynebern will remain CEO of Limekiln, which will focus on building a new CRE strategy outside of multifamily debt. Berkshire Global Advisors is serving as financial advisor, and Gibson, Dunn & Crutcher LLP is acting as legal advisor to Berkshire Residential, while Herbert Smith Freehills Kramer (US) LLP is legal advisor to Limekiln Real Estate, according to ConnectCRE.

More like this

Sources