Berkshire Residential Buys Limekiln's 50% MF1 Stake, Takes Full Ownership

M&A · PartnershipCorporate Action
โดย CRE Daily·US·Read original
Summary · why it matters

Berkshire Residential Investments is buying Limekiln's 50% stake in multifamily lender MF1, becoming sole owner of the platform. The deal ends an eight-year joint venture that originated about $32B of apartment loans and turned MF1 into a leading issuer of collateralized loan obligations. Most of those originations were floating-rate bridge loans, a strategy that grew harder to manage as borrowing costs rose; at least $425M of MF1-issued loans in the Tides Equities portfolio landed on servicer watchlists after missed interest payments, and in August 2023 MF1 had almost $11B of loans outstanding with nearly half watchlisted or delinquent. MF1 stayed active in securitization even as distress rose, completing $5.6B of CLO volume across six transactions in Q1 2025, when 69% of loans on its books were on the special servicer watchlist and the platform reported a 13.7% overall distress rate, with only 23.4% of loans modified. The lender has since moved into fixed-rate products, closing its first fixed-rate CMBS transaction, a $734M deal, earlier this year. Limekiln founder Scott Waynebern will remain MF1's CEO after the sale and will also build a new real estate strategy outside multifamily credit.

Impact on stocks 1

Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 4

Berkshire Residential InvestmentsPrivate▲ Positive
Capitalrelevance

Berkshire Residential Investments is buying Limekiln's 50% stake to become sole owner of the MF1 platform.

Limekiln Real Estate Investment Management, LPPrivate± Mixed
Capitalrelevance

Limekiln is selling its 50% MF1 stake, exiting the eight-year joint venture, though the article gives no clear positive or negative read on the sale.

Tides EquitiesPrivate▼ Negative
Supplyrelevance

At least $425M of MF1-issued loans in the Tides Equities portfolio landed on servicer watchlists after missed interest payments.

MF1 Process LLCPrivate± Mixed
relevance

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