Key Takeaways
- • Berkshire Residential Investments has entered into a definitive agreement to acquire Limekiln Real Estate Investment Management's 50% stake in MF1 Process LLC, becoming the sole owner of the leading private-label multifamily mortgage lender.
- • MF1 has originated $32 billion in multifamily loans since its 2018 launch and has been a leading issuer of commercial real estate collateralized loan obligations (CRE CLOs), positioning Berkshire to consolidate control over a major capital markets player in multifamily lending.
- • Most Limekiln employees will transition to Berkshire, including senior leadership across origination, capital markets, servicing, and legal functions, with key executives Russ Avery, Tom Keefe, Michael Squires, and Sandy Vergano joining Berkshire's management team.
- • Upon closing, MF1 will operate as a wholly-owned subsidiary of Berkshire, consolidating a joint venture that has operated as a 50/50 partnership since 2018 between Limekiln founder Scott Waynebern and Berkshire.
- • The acquisition strengthens Berkshire's position in the multifamily credit and lending business, with Jon Pfeil becoming Chief Investment Officer of Berkshire's Credit and Lending business reporting to Chief Investment Officer Eric Draeger.
Summary
Berkshire Residential Investments has announced a definitive agreement to acquire Limekiln Real Estate Investment Management's 50% interest in MF1 Process LLC, marking a significant consolidation in the multifamily mortgage lending sector. The transaction will make Berkshire the sole owner of MF1, which has established itself as the leading private-label multifamily mortgage lender since its 2018 inception. MF1 has originated multifamily loans totaling $32 billion and has served as a leading issuer of commercial real estate collateralized loan obligations (CRE CLOs), underscoring the strategic value of the full ownership stake for Berkshire's capital markets operations.
MF1 was originally launched as a 50/50 joint venture between Limekiln founder Scott Waynebern and Berkshire in 2018. The full acquisition consolidates what has been a collaborative arrangement, allowing Berkshire to bring all aspects of MF1's operations—including origination, capital markets, servicing, and legal functions—fully under its control. Upon closing, MF1 will operate as a wholly-owned subsidiary of Berkshire, streamlining governance and operational decision-making for the lending platform.
The transaction includes a significant leadership integration, with most Limekiln employees transitioning to Berkshire's payroll. Key executives joining Berkshire include Russ Avery as Executive Managing Director of Capital Markets Investment; Tom Keefe as Executive Managing Director and Co-Head of MF1; Michael Squires as Senior Managing Director and Head of Production; and Sandy Vergano as Executive Managing Director of Legal and Investments. Additionally, Jon Pfeil, a Partner at Berkshire, will assume the role of Chief Investment Officer of Berkshire's Credit and Lending business and will report to Eric Draeger, the firm's Partner and Chief Investment Officer. Carolyn Burgess will continue as Partner and Chief Credit Officer, and John Roach will serve as Executive Managing Director and Co-Head of MF1 alongside Keefe.
Eric Draeger, Berkshire's Chief Investment Officer, expressed enthusiasm about the integration, stating that the firm is "thrilled to welcome the Limekiln team into the Berkshire family." The acquisition represents a consolidation move within the institutional real estate capital markets, positioning Berkshire to leverage its 60-year operating history alongside MF1's established platform in multifamily lending and CRE CLO issuance. Berkshire, founded in 1966, is a people-focused real estate investment and property management firm with significant institutional presence in the sector.
MF1 was originally launched as a 50/50 joint venture between Limekiln founder Scott Waynebern and Berkshire in 2018. The full acquisition consolidates what has been a collaborative arrangement, allowing Berkshire to bring all aspects of MF1's operations—including origination, capital markets, servicing, and legal functions—fully under its control. Upon closing, MF1 will operate as a wholly-owned subsidiary of Berkshire, streamlining governance and operational decision-making for the lending platform.
The transaction includes a significant leadership integration, with most Limekiln employees transitioning to Berkshire's payroll. Key executives joining Berkshire include Russ Avery as Executive Managing Director of Capital Markets Investment; Tom Keefe as Executive Managing Director and Co-Head of MF1; Michael Squires as Senior Managing Director and Head of Production; and Sandy Vergano as Executive Managing Director of Legal and Investments. Additionally, Jon Pfeil, a Partner at Berkshire, will assume the role of Chief Investment Officer of Berkshire's Credit and Lending business and will report to Eric Draeger, the firm's Partner and Chief Investment Officer. Carolyn Burgess will continue as Partner and Chief Credit Officer, and John Roach will serve as Executive Managing Director and Co-Head of MF1 alongside Keefe.
Eric Draeger, Berkshire's Chief Investment Officer, expressed enthusiasm about the integration, stating that the firm is "thrilled to welcome the Limekiln team into the Berkshire family." The acquisition represents a consolidation move within the institutional real estate capital markets, positioning Berkshire to leverage its 60-year operating history alongside MF1's established platform in multifamily lending and CRE CLO issuance. Berkshire, founded in 1966, is a people-focused real estate investment and property management firm with significant institutional presence in the sector.
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