NEW YORK – June 10, 2019 – Berkadia announced that it has arranged the JV equity financing for The TRIBECA, a new condo development by Urban Investment Partners (UIP) in the rapidly growing NoMa submarket of Washington D.C.
The team consisting of Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick, leading Berkadia’s new JV Equity & Structured Capital, arranged the equity partner, a private capital group, for UIP while they were with Central Park Capital Partners (CPCP), which was sold to Berkadia in March 2019
“Ground up condo projects in today’s market are tough to get capitalized, but we were able to quickly find UIP a partner for this opportunity due to the developer’s expertise in the DC area and lack of new supply in the emerging neighborhood of NoMa,” said Franklin. “We are always impressed with UIP’s vision for their projects and investing across multiple cycles with success.”
The TRIBECA, a transit-oriented development, will feature 99 market-rate condominium units in the highly desirable NoMa submarket, a neighborhood with a limited upcoming condo supply. The 13-story building will include a mix of one- and two-bedroom homes, as well as a fitness center, bike storage, garage parking and a rooftop deck. The site is located at 39-41 New York Ave., just one block from the NoMa-Gallaudet University Metro station. Construction has commenced with an expected completion in late 2020.