Berkadia Sources $28.6M in Financing for Build-to-Suit Industrial Development in Detroit
Detroit, Michigan – November 13, 2024 – Berkadia JV Equity & Structured Capital, led by Senior Managing Directors Noam Franklin, Cody Kirkpatrick, Chinmay Bhatt with Director Alex Bonda and Senior Director Luke Safranek of Berkadia Detroit have arranged $28.6 million in financing for a new build-to-suit (BTS) industrial development in Detroit.
Berkadia arranged the capital through Denver-based Forum Investment Group (“Forum”).
“The unique nature of the deal combined with the strong sponsorship with decades of development experience created a lot of excitement in the market for this opportunity,” said Bhatt. “We had interest from multiple sources in the US, Europe, the Middle East and Asia but in the end, Forum was able to create a bespoke solution to fit all of the client’s requirements.”
“We are excited to be partnering with the Berkadia team on this transaction,” said Joe Chickey, Managing Director – Private Credit at Forum. “I’m proud of our entire investments team, who worked diligently to structure a creative financing solution specifically for this transaction and the parties involved. We are thrilled with outcomes like these and are proud to be part of this redevelopment project. We look forward to more opportunities to provide debt and equity capital to qualified sponsors and developers in support of their development, acquisition and recapitalization of real estate assets in the U.S.”
Since April 2024, Berkadia JV Equity & Structured Capital has raised the equity on more than $850 million in total transaction volume with closings in Denver, Dallas, Charlotte, Reno, New Jersey, Augusta, Detroit, and Tacoma.