Berkadia’s JV Equity & Structured Capital team, led by Noam Franklin, Cody Kirkpatrick, Chinmay Bhatt and Matthew Tu, recently 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 constructed between 2014 and 2019 by an undisclosed sponsor. While Berkadia did not disclose the specific addresses of the properties involved in this transaction.
The primary purpose behind securing this preferred equity was to provide liquidity to the sponsor for their ongoing development projects. According to Franklin: “We have observed a significant increase in available preferred equity options within the multifamily sector.” He further added that with their team’s extensive expertise they were able to secure highly competitive terms for their clients due to varying pricing and leverage opportunities currently present within this market.
This news was originally reported on Connect CRE.
