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Stoneweg U.S. LLC (Stoneweg US), a real estate investment firm specializing in multifamily acquisitions and developments, today announced the closing of a new long-term loan purchase facility, the first of its kind, with Freddie Mac Multifamily. This milestone transaction will provide Stoneweg US with enhanced access to the debt capital markets through a vehicle with expansion capacity and flexible financing terms.
“We are beyond thrilled to announce the closing of our long-term financing facility with Freddie Mac,” said Patrick Richard, CEO of Stoneweg US. “This newly created product will grant us the ability to move swiftly in this dynamic and challenging market, optimize our portfolio, expertly manage debt through access to broad-based competitive rates, and most importantly, allow us to continue to deliver the value we’ve pledged to our investors.”
To date, Stoneweg US has completed $125 million in transactions through the facility with more than 75% of the unpaid principal balance supporting units affordable for residents earning 80% of Area Median Income or less. The properties financed thus far include more than 1,000 workforce housing units.
The Stoneweg US Debt and Structured Finance team worked hand-in-hand with Berkadia and Freddie Mac to deliver a final product featuring tranched debt through an available combination of variable and fixed-rate advances, laddered loan maturities, prepayment flexibility, and structural mechanisms that will allow Stoneweg US to achieve economic and operational efficiencies in the acquisition, refinancing, and disposition of assets. “We are honored to be the inaugural borrower for what will undoubtedly be a significant financing instrument in the multifamily capital markets that will prove invaluable in furthering our mission to provide attainable workforce housing in the U.S.,” said Burke Roper, Director of Debt and Structured Finance for Stoneweg US.
“Freddie Mac is thrilled to have closed our first long-term financing facility with Berkadia and Stoneweg US,” said Leena Amin, Director of Multifamily Structured Transactions for Freddie Mac. “This facility offering provides us with a new way to support lending for mission-rich, affordable housing. My hat goes off to the teams at Stoneweg US, Berkadia and Freddie Mac who put in the hard work to bring our first transaction to fruition.”
“Berkadia is thrilled to introduce this new long term facility product to the market together with our partners at Freddie Mac. Through collaboration and creative structuring, it was a full team effort between Freddie Mac, Stoneweg US and Berkadia to get this new product across the finish line” said Jake Adoni, Associate Director with the Philadelphia Berkadia team. “We’re looking forward to continuing to grow this 15-year Long Term Credit Facility between Freddie Mac and Stoneweg US.”
About Stoneweg US LLC: Stoneweg US is a multifamily real estate investment firm located in the heart of downtown St. Petersburg, FL, with a portfolio valuation of approximately $2.0 Billion comprised of ~15,000 units. Dedicated to redefining multifamily housing, the company invests in and develops communities through sustainable housing solutions and proven value-add strategies to drive healthy returns and enhance the resident experience. For more information on Stoneweg US, please visit: www.stoneweg.us.
About Freddie Mac: Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
About Berkadia®: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
