Berkeley Point Capital Names Jim McDevitt President
- Jul 19, 2012
Berkeley Point Capital L.L.C. has been adding executives to its ranks for the past several months, capping it off this week with the news that CRE veteran Jim McDevitt had been named president.
McDevitt, most recently an EVP and head of correspondent development for Wells Fargo Multifamily Capital, will report directly to Berkeley Point CEO Jeff Day. He will be responsible for day to day operations, including the firm’s production, underwriting and closing activities.
As group head of commercial mortgage banking and multifamily capital at Wells Fargo, McDevitt managed the firm’s Fannie Mae, Freddie Mac, FHA, life company, conduit and bank permanent debt placement activities. While serving as senior vice president and national head of production for the Wells Fargo CMBS platform, McDevitt headed up the acquisition of three mortgage banking companies – Reilly Mortgage Group, Towle Financial Services/Midwest, Inc. and Bloomfield Acceptance Company. Before joining Wells Fargo, McDevitt had various roles at CB Richard Ellis and Colliers International, both in Sacramento, Calif.
“Berkeley Point is pleased to add such a seasoned and experienced leader to its executive team,” Day said. “Jim will be an invaluable partner to me and our executive team as we implement our strategic plan under our new ownership.”
Other executives also recently joining the firm are Bill Mott and Stephan Gianoplus, managing directors; Ira Strassberg, CFO; Anurag Saksena, Chief Risk Officer, and Joseph Turitz, general counsel and corporate secretary.
Based in Bethesda, Md., Berkeley Point is a national multifamily capital solutions provider. It is owned by entities affiliated with Ranieri Real Estate Partners L.P., and WL Ross & Co. L.L.C. The firm, formerly known as Deutsche Bank Berkshire Mortgage, was acquired in March from Deutsche Bank. Day was also DBBM’s CEO. Berkeley Point has a servicing portfolio of over $29 billion representing more than 2,100 loans in most of the United States and Washington, D.C. The firm has nearly 200 employees in nine offices, including Boston, Dallas, Los Angeles and Seattle.
Recent deals include providing a first mortgage to refinance Gables Summerset, a 752-unit multifamily community in San Diego that was structured under a Freddie Mac program and a $30 million first mortgage to refinance Paradise Cove Mobile Home Park, a 256-unit manufactured home community in Malibu, Calif., through Fannie Mae.