Berkshire raises $1.85bn in latest real estate debt fund

Boston-based Berkshire Residential Investments closed the Berkshire Multifamily Debt Fund III with equity commitments totaling $1.85 billion.

The investments are in debt assets secured by multifamily properties such as preferred equity, mezzanine debt, B-notes and discounted notes. The fund will primarily consist of Freddie Mac’s Multifamily Capital Markets Execution B-piece debt investments that are collateralized by high-quality multifamily mortgages throughout the U.S.

The $12 billion real estate investment firm, which has been a buyer of such Freddie Mac securities since 2009, has had four prior debt funds and . . .

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