Berkshire Residential Investments, a privately held real estate investment management company, has taken full ownership of the multifamily mortgage lender MF1 Process LLC by acquiring the 50% stake in the company owned by Limekiln Real Estate Investment Management LP.
MF1 launched in 2018 as a 50/50 joint venture between Berkshire and Limekiln founder Scott Waynebern. Since its founding, MF1 has originated multifamily loans aggregating $32 billion, and it is a leading issuer of commercial real estate collateralized loan obligations.
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.”
Waynebern will remain CEO of Limekiln, which will focus on building a new commercial real estate strategy.
“I love being a builder of businesses and teams and am excited to go out and create again,” Waynebern said. “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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