Berkshire Residential Taking Full Ownership of Multifamily Mortgage Lender MF1

Boston-based Berkshire Residential Investments has agreed to acquire Limekiln Real Estate Investment Management, LP’s 50% interest in MF1 Process LLC, making Berkshire the sole owner of the private-label multifamily mortgage lender. MF1 was launched in 2018 as a 50/50 joint venture between Limekiln founder Scott Waynebern and Berkshire.

Terms were not disclosed. As part of the transaction, it is anticipated that most Limekiln employees will become Berkshire employees.

Eric Draeger, partner and Berkshire’s CIO, 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.”

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

Pictured: Berkshire Residential headquarters at One Beacon St., Boston.