HACKENSACK, NJ - Berkadia JV Equity and Structured Capital, led by Noam Franklin, Cody Kirkpatrick, Chinmay Bhatt, and Matthew Tu, have arranged $29 million in preferred equity for the recapitalization of an existing multifamily portfolio of 568 units in Bound Brook and Hackensack, New Jersey.
The assets were built in 2014, 2016, and 2019 by the sponsor and the purpose of the preferred equity was to provide liquidity to the sponsor for the development projects in their pipeline.
“We are seeing an abundance of preferred equity available within the multifamily space,” said Franklin. “With our team’s deep experience, we are able to get our clients the most competitive terms as we are seeing a very wide variety of pricing and leverage in the current environment.”
Over the past five months, Berkadia JV Equity & Structured Capital has arranged the equity on more than $700 million in total transaction volume with closings in Denver, Detroit, Reno, Dallas, and Tacoma.
Berkadia is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Powered by deep relationships and industry-changing technology, our people sell, finance, and service commercial real estate, providing support for the entire life cycle of our clients’ assets. Our unique ownership structure allows us to put our clients’ interests first and create a marketplace that delivers a superior experience.