Real estate financial services company ranieri real estate partners and private equity funds affiliated with New York’s WL Ross & Co. have completed their acquisition of Deutsche Bank Berkshire Mortgage.
Jeffrey Day, DBBM’s CEO, will continue in that role at the company, which has been re-dubbed Berkeley Point Capital. It originates multifamily loans for Fannie Mae (FNMA), Freddie Mac (FMCC) and the Federal Housing Administration, servicing a $29 billion portfolio of multifamily loans. According to a release it’s the second largest originator of Fannie Mae loans.
Founder of Ranieri Real Estate Partners and head of real estate at Ranieri Partners Jon Vaccaro, lauded the value of the acquisition. “A high-quality acquisition of this scale within the multifamily sector is unique and rare,” Mr. Vaccaro said in a prepared statement about the deal. “The new Berkeley Point provides us with an excellent in-place team, that we know well and is capable of much more. With the benefit of the strong WL Ross and Ranieri partnership, we believe Berkeley Point is poised for growth.”
Mr. Vaccaro was previously global head of commercial real estate at Deutsche Bank, a position he held from 1997 to 2010. DBBM was a subsidiary of Deutsche Bank.
According to James B. Lockhart III, vice chairman of WL Ross and former director of the Federal Housing Finance Agency, “Berkeley Point did over $3 billion in multifamily originations last year.” He added that WL Ross looked forward to working with Mr. Day and his team “to help them grow in this critical part of our nation’s housing market.”
CGaines@observer.com
