**Berkadia Launches New Podcast Series: “Inside the Deal”**
Berkadia has introduced a new podcast series titled *Inside the Deal, a CRE Podcast by Berkadia®*, offering an in-depth look at the real-world complexities and triumphs behind commercial real estate transactions. The series aims to explore the stories, challenges, creative solutions, and outcomes behind multimillion-dollar deals across the industry.
In the debut episode, Ernie Katai, Berkadia’s Executive Vice President and Head of Production, is joined by Tucker Knight, Senior Managing Director, and Clay Faust, Senior Real Estate Analyst, both based in Berkadia’s Houston office. They are accompanied by special guest James Goldberg of Citi to discuss a major $700 million CMBS refinancing deal for an 18-property multifamily portfolio located throughout the Sunbelt region.
One of the deal’s primary challenges lay not in its geographic spread, but in the portfolio’s diversity. The properties consisted of mixed asset types and varying performance levels. In many cases, operational income was flowing directly to a special servicer, leaving little room for maintenance or improvements. Debt on 11 of the properties was teetering toward default.
“There was no cash flow that was going to be generated from this portfolio, which kind of got the conversation started,” Knight explained.
Talks between Berkadia and the borrower began in September 2024 and continued over several months. Despite the hurdles, Knight and Faust believed the deal was achievable. “Half of the deals we underwrite are cash-starved in one way or another,” said Knight.
Goldberg was identified early in the process as an ideal lending partner for the complex transaction. “We knew it was going to be a tough slog,” said Knight. “The properties were underperforming from a maintenance perspective, so I wanted to find someone who would be straightforward and had the horsepower to get it done.”
Throughout the episode, the team discusses how they structured the senior loan and the role that Greystar played in getting the deal over the finish line. “We were able to get [the loan] sized to effectively [create] a cash-neutral deal across the whole stack by leaning in hard,” Knight added.
Goldberg emphasized the broader landscape of the capital markets and the ever-present uncertainty it adds to real estate deals. “There are so many curveballs in the capital markets today with everything going on in the economy, in the macro markets,” he said. “And the properties are living and breathing animals that move around on a daily basis. So, it’s definitely a lift. But we’re wide open for business. We’re seeing tremendous demand. We’ve gotten a bunch of inquiries after this deal closed, from other sponsors who are out there in similar situations.”
Future episodes of *Inside the Deal* will feature insights from Berkadia’s team of investment sales advisors, mortgage bankers, clients, and lender partners. Each installment will showcase how industry professionals are navigating economic headwinds, market volatility, and evolving borrower needs to close significant deals.
“Every deal presents unique challenges, and in this dynamic market, we aim to showcase the strategies of the nation’s top closers as they navigate these complexities,” said Katai.
The inaugural episode is available now on major podcast platforms including Apple Podcasts, Spotify, Amazon Music, and iHeartPodcasts.
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This article originally appeared on Connect CRE.
