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New York & Tri-State   /   January 21, 2020

Paul Bubny
By: Paul Bubny

Berkadia Arranges Stretched Senior Loan for Midtown Resi

Berkadia secured stretched senior financing (i.e. a senior loan with a mezzanine loan component) for Emmut Properties’ new 60-unit residential development at 433 W. 53rd St. in Midtown.

Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick led Berkadia’s joint venture equity and structured capital group in arranging the $32-million loan for the newly-built property. Keysite Capital Partners provided the financing.

The property at 433 W. 53rd has a block-through presence with a second entrance on West 54th Street. The project offers a private courtyard and convenient Midtown Manhattan location.

This is Bhatt, Franklin and Kirkpatrick’s second time around with Emmut Properties, which has developed projects Downtown and on the Upper East Side, as well as in Midtown. In 2018, the team arranged a $40-million bridge loan through Emerald Creek Capital for the company’s 138 Bowery hotel project.

Rendering courtesy of Emmut Properties.

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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.
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