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Berkadia Arranges Equity Recap for $138M Florida and Georgia MF Portfolio

Berkadia has arranged an  equity recapitalization for a $138 million, 1,217-unit multifamily portfolio in Florida and Georgia. The portfolio is comprised of six properties.

Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia’s New York City-based JV equity and structured capital group sourced the new equity investment from a publicly-traded REIT on behalf of Strategic Holdings. The equity investment comes behind senior Fannie Mae/Freddie Mac loans on each property, and gives Strategic Holdings ample capital to target new acquisitions throughout the southeastern United States.

The properties include Belmont Crossing, Sierra Terrace, Sierra Village and Georgetown Crossing in Atlanta and Savannah, GA, as well as Park on the Square and The Commons in Pensacola and Jacksonville, FL.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.