Berkshire Residential takes full control of $32B lender MF1

What's the deal? Berkshire Residential InvestmentsDealroom has a profile for this one. Try Dealroom → has agreed to acquire Limekiln Real Estate Investment ManagementDealroom has a profile for this one. Try Dealroom →'s 50% stake in MF1 Process LLCDealroom has a profile for this one. Try Dealroom →, becoming sole owner of the multifamily mortgage lender. Once the deal closes, MF1Dealroom has a profile for this one. Try Dealroom → will operate as a wholly owned subsidiary of Berkshire. Financial terms were not disclosed.

The backstory: MF1 launched in 2018 as a 50/50 joint venture between Berkshire and Limekiln founder Scott Waynebern. Since then, the private-label lender has originated $32 billion in multifamily loans and become a prominent issuer of commercial real estate collateralized loan obligations.

The people: Most Limekiln staff are expected to join Berkshire. Jon Pfeil, a Berkshire partner, will become chief investment officer of the firm's credit and lending business, reporting to Eric Draeger, partner and chief investment officer. Tom Keefe joins as executive managing director and co-head of MF1, alongside existing co-head John Roach.

What's the endgame? Berkshire, which manages about $34.7 billion in real estate assets and around 480,000 residential units, gains a fully integrated multifamily equity, securities, and debt platform. "We are pleased to now have fully integrated multifamily equity, securities, and debt origination platforms," Draeger said.

Why now? Waynebern, who will remain chief executive officer of Limekiln, is steering the New York-based firm toward a new commercial real estate strategy outside multifamily debt. Limekiln reported $17.5 billion in assets under management as of March 2026.

The signal: The buyout consolidates a successful eight-year partnership under one roof as Berkshire deepens its bet on multifamily lending, while Limekiln pivots to fresh terrain in commercial real estate.

Read more: newsnreleases.com

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