Berkshire Residential Investments has announced that it has entered into a definitive agreement to acquire Limekiln Real Estate Investment Management, LP’s 50% interest in MF1 Process LLC, making Berkshire the sole owner of MF1. MF1 is a private-label multifamily mortgage lender, having originated multifamily loans aggregating $32 billion since 2018. As part of the transaction, it is anticipated that most Limekiln employees will become Berkshire employees.
Eric Draeger, Partner and Berkshire’s Chief Investment Officer, said, “We are thrilled to welcome the Limekiln team into the Berkshire family. The joint venture that we formed eight years ago with Limekiln has been very successful and we are pleased to now have fully integrated multifamily equity, securities and debt origination platforms. We look forward to serving our investors and borrowers as one Berkshire team.”
Scott Waynebern will remain CEO of Limekiln, which will focus on building a new CRE strategy outside of multifamily debt.
Scott Waynebern said, “I love being a builder of businesses and teams and am excited to go out and create again. The management textbooks all say JVs never work. This one did, which is a testament to the quality of people on both sides of the partnership. Combined into one team going forward at Berkshire, I expect MF1 to continue to be a market leader.”
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*Offer ends on Friday, 7th February.
