Berkadia Sources JV Equity for Sterling Group’s Recapitalization of 566 Multifamily Units in the Southeast
Augusta, Georgia and Charlotte, North Carolina – November 1, 2024 – Berkadia JV Equity & Structured Capital, led by Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt have arranged the joint venture equity for a recapitalization of 566 units over two properties for the Sterling Group in Charlotte, North Carolina, and Augusta, Georgia.
“With the ongoing volatility in today’s capital markets, Berkadia JV Equity and Structured Capital is focused on equity recapitalizations as a great catalyst to create new institutional joint venture partnerships for established sponsors creating the foundation for potential go-forward programmatic ventures,” said Kirkpatrick. “These strategic recapitalizations position both assets for long term success while expanding The Sterling Group’s institutional joint venture relationships for future acquisitions.”
“The Sterling Group is excited to expand our relationships, both furthering our existing relationship with Berkadia, as well as forging a new partnership with a group that fits our company culture and objectives. We anticipate the recapitalization of these assets being the start of a long-term venture that we’ll be able to leverage to continue the growth The Sterling Group’s real estate platform,” said Josh Miller, Chief Investment Officer at Sterling Group.
The properties in the recapitalization are as follows:
- Argento at Riverwatch, a 296-unit garden style multifamily community located at 420 Topgolf Way in Augusta, GA.
- Argento at Kellswater Bridge, a 270-unit garden style multifamily community located at 40000 Argento Way, Kannapolis, N.C.
The Berkadia JV Equity & Structured Capital has recapitalized five assets in total for the Sterling Group since 2023. Since April 2024, the team has raised the equity on more than $850 million in total transaction volume with closings in Denver, Dallas, Reno, New Jersey, Detroit, and Tacoma.
Sterling Group secures JV equity for recapitalization of multifamily units in the Southeast | IREI