Team completed 132 transactions in challenging year
Deals ranged from affordable housing finance to green energy improvements
To no one’s surprise, 2020 was a challenging year. Navigating the pandemic and its effects on the workplace, personal lives and the effect on clients, their families, operations teams and properties, proved difficult, to say the least. However, the Berkadia New York team (Stewart Campbell, Yuri Kletsman, Marc Possick, Jonathan Flynn, Charles Rigoglioso, John Siegati and Robert Lipson) was able to work through the myriad of challenges and deliver for their clients and community. Closing more than $1.5 billion in 2020, Berkadia New York’s production was heavily weighted on agency financing (FNMA, FHLMC) with some CMBS, debt fund and regional bank business.
The challenge in many of the team’s local urban markets was trying to determine the short-term and potentially longer-term effects the pandemic was having on tenant’s ability to pay rent, property occupancy levels and market rent levels. Eviction moratoriums and owner concession programs were also new to the market. These issues were especially challenging for new buildings entering lease-up. In this regard, Berkadia New York was able to marshal Berkadia’s data and analytics resources to help analyze the issues with historical and real-time data. Additionally, a shortage of affordable housing has long been an issue in the New York markets and the team was able to facilitate a number of new projects that helped fill this need.
These are some of the reasons we selected the Berkadia New York team for inclusion in our first-ever Top Mortgage brokers and Lenders Awards. These awards recognize industry professionals who have demonstrated the highest standards in commercial real estate finance.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).