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Berkadia Arranges $29M Recap of NJ Apartments
Berkadia JV Equity & Structured Capital, led by Noam Franklin, Cody Kirkpatrick, Chinmay Bhatt, and Matthew Tu, arranged $29 million in preferred equity for the recapitalization of an existing multifamily portfolio of 568 units in Bound Brook and Hackensack, NJ.
The assets were built in 2014, 2016, and 2019 by the sponsor, who was not disclosed. Berkadia did not list the property addresses. The purpose of the preferred equity was to provide liquidity to the sponsor for the development projects in its 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.”
Where is capital being sourced, and what risks are being taken in the current market? Learn from local and national finance leaders about how deals are getting done in the Tri-State Multifamily market. Don’t miss this opportunity at Connect Tri-State Multifamily on October 1 at Tishman Speyer’s Studio Gather, 45 Rockefeller Center.
- ◦Financing
