Berkadia’s JV Equity and Structured Capital Group Surpasses $1 Billion in Transactions Closed

December 2, 2020

Berkadia’s JV Equity and Structured Capital Group Surpasses $1 Billion in Transactions Closed

December 2, 2020

The team, acquired by Berkadia in 2019, focuses exclusively on sourcing domestic and foreign equity and structured capital for property investments across the United States

NEW YORK (December 2, 2020) – Berkadia today announced that its Joint Venture Equity & Structured Capital Group has successfully capitalized over $1.2 billion in property transactions since its inception at the company in 2019.

Berkadia acquired Central Park Capital Partners, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, in March of 2019. Drawing on their diverse foreign and domestic capital relationships with high net worth investors, private equity, pension funds, insurance companies and family offices, the team is unique in the industry for its exclusive focus on the equity and structured side of the capital stack, and works with clients to structure investments throughout the capital stack including JV equity, senior equity, preferred equity/mezzanine debt, ground leases, stretch senior A/B notes and co-GP/entity-level.

“We launched Berkadia’s JV Equity & Structured Capital Group with the acquisition of Central Park Capital Partners last year. Our goal was to deliver industry leading joint venture and structured capital solutions with levels of personalization and customization that benefitted our clients,” said Justin Wheeler, Berkadia’s CEO. “The success of this team, particularly in the face of the pandemic, is a testament to their exceptional talent and experience. Private equity plays a critical role in helping clients fill financing gaps in the ever-evolving commercial real estate landscape. Our team has brought a diverse roster of new capital sources to the table and, working hand in hand with Berkadia’s debt originators and investment sales teams, has delivered enhanced joint venture matchmaking opportunities backed by best-in-class insight, technology and experience. This is only the beginning—we’re excited for what lies ahead.”

The team works coast to coast, capitalizing unique opportunities in primary, secondary and tertiary markets. With previous experience in both capital allocation and principal investment roles, the team has a unique ability to understand complex projects and deal structures.

Since establishing the JV Equity & Structured Capital Group at Berkadia, the team has capitalized over 30 transactions primarily focused on the middle-market multifamily space.  Representative deals closed in the past 18 months include:

  • Secured $36 million in JV Equity from a life insurance company for Stoneweg’s $114 million acquisition of a 688-unit apartment community in St. Petersburg, Fla.
  • Arranged DWS as JV Equity partner for Legacy Partners’ ground-up, 226-unit apartment community in Orange County, Calif.
  • Structured a programmatic equity relationship for a $186 million, 1,605-unit multifamily portfolio comprising eight properties in Florida and Georgia
  • Brought a Dubai-based family office as a JV Equity partner for Phase One of Stillwater Capital’s 750-unit multifamily development in Austin, Tex.
  • Secured a $13 million JV Equity partner for UIP’s condo development in the NoMa neighborhood in Washington, D.C.
  • Arranged a $23 million JV Equity partner for a $71 million value-add, multifamily acquisition in Fayetteville, N.C.
  • Arranged a $50 million platform-level capital partner for Monday Properties.
  • Brought a $11 million JV Equity partner for a $45 million acquisition of a 579-unit, multifamily portfolio in New Orleans, La.
  • Secured a $8 million preferred equity investment for the acquisition of a 147-unit, multifamily property in La Verne, Calif.
  • Arranged $32 million in stretch senior financing for Emmut Properties’ new residences at 433 West 53rd Street, New York.
  • Structured a collapsible ground lease and brought a capital partner for the Michaels Organization’s first Austin project, a 307-unit, $59 million ground up, multifamily property called “Zoey.”

After starting their careers in New York and Toronto, team founders Chinmay Bhatt and Noam Franklin spent collectively a decade working in the United Arab Emirates, where they established strong relationships with some of leading real estate institutions in the Middle East, Europe and Asia. Their third partner, Cody Kirkpatrick, based in Denver, began his career on the development side of the business before joining a boutique real estate investment bank. He joined the team in 2017 with an extensive range of capital relationships across the United States and helped expand the team’s geographic presence to the West Coast.

Bhatt has been recognized as a “Next Generation Honoree” by Connect Media, while Franklin has been named one of the “50 under 40” by and a “Rising Star in Real Estate” by Crain’s New York Magazine.

Berkadia’s JV Equity and Structured Capital Group Surpasses $1 Billion in Transactions Closed | Multifamily Press 

Berkadia’s JV Equity & Structured Capital Group Surpasses $1 Billion in Transactions | CityBizList