Berkadia’s JV Equity & Structured Capital team, led by Noam Franklin, Cody Kirkpatrick, Chinmay Bhatt, and Matthew Tu, successfully secured $29 million in preferred equity for the recapitalization of a multifamily portfolio consisting of 568 units located in Bound Brook and Hackensack, NJ. The assets were developed by an undisclosed sponsor between 2014 to 2019. However,Berkadia did not disclose the specific addresses of these properties.
The primary purpose behind securing this preferred equity was to provide liquidity to the sponsor for their ongoing development projects. According to Franklin,”There is currently a surplus of available preferred equity options within the multifamily sector.” He further added that with their team’s extensive expertise and experience in this field they were able to negotiate highly competitive terms for their clients as there is a wide range of pricing and leverage options available at present.
In summary,Berkadia has successfully arranged $29 million worthofpreferred equityforthe recapitalizationofa multifamilyportfolioinNJ.ThisdealwasledbyNoamFranklin,CodyKirkpatrick,
Chinmay Bhatt,andMatthewTuandwillprovide much-needed liquiditytothesponsorfortheirongoingdevelopmentprojects.
