Berkadia Sources $29M in Preferred Equity for 588-Unit, Multifamily Recapitalization in New Jersey
BOUND BROOK, N.J. and HACKENSACK, N.J. – September 19, 2024 – Berkadia JV Equity & Structured Capital, led by Noam Franklin, Cody Kirkpatrick, Chinmay Bhatt, and Matthew Tu, have arranged $29 million in preferred equity for the recapitalization of an existing multifamily portfolio of 568 units in Bound Brook and Hackensack, New Jersey.
The assets were built in 2014, 2016, and 2019 by the sponsor and the purpose of the preferred equity was to provide liquidity to the sponsor for the development projects in their pipeline.
“We are seeing an abundance of preferred equity available within the multifamily space,” said Franklin. “With our team’s deep experience, we are able to get our clients the most competitive terms as we are seeing a very wide variety of pricing and leverage in the current environment.”
Over the past five months, Berkadia JV Equity & Structured Capital has arranged the equity on more than $700 million in total transaction volume with closings in Denver, Detroit, Reno, Dallas, and Tacoma.
“NJ Apartments Receive $29M Recap Through Berkadia’s Arrangement” | CRE Market Beat