BOSTON: Berkshire Residential Investments has agreed to acquire Limekiln Real Estate Investment Management’s 50% stake in MF1 Process LLC, making Berkshire the sole owner of the multifamily mortgage lender.

Upon closing, MF1 will operate as a wholly owned subsidiary of Berkshire, the companies announced in a news release. Financial terms of the transaction were not disclosed.

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

As part of the transaction, most Limekiln employees are expected to join Berkshire. Key leadership additions 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.

In addition, Jon Pfeil, a partner at Berkshire, will become chief investment officer of Berkshire’s credit and lending business, reporting to Eric Draeger, partner and chief investment officer. Carolyn Burgess will remain partner and chief credit officer, while John Roach will serve as executive managing director and co-head of MF1 alongside Keefe.

Draeger said the partnership formed eight years ago with Limekiln has been very successful, adding that Berkshire is pleased to now have fully integrated multifamily equity, securities, and debt origination platforms.

Waynebern will remain chief executive officer of Limekiln, which plans to focus on a new commercial real estate strategy outside of multifamily debt. He noted that the success of the joint venture was a testament to the quality of people on both sides of the partnership and said he expects MF1 to continue as a market leader.

Headquartered in Boston, Berkshire Residential Investments manages approximately $34.7 billion in real estate assets as of June 30, 2026, overseeing around 480,000 residential units through equity and debt investments. New York-based Limekiln reported $17.5 billion in assets under management as of March 2026.

Berkshire Global Advisors served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to Berkshire. Herbert Smith Freehills Kramer (US) LLP served as legal advisor to Limekiln.