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JACKSONVILLE, FL - Berkadia announced today that it arranged the equity on behalf of Novu Residential Group for a new multifamily development, a 308-unit, eight-building, garden-style, elevator-served apartment community located in Jacksonville, Florida. Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital sourced $13.1 million in preferred equity for the proposed project. Ground breaking commenced in November. Berkadia arranged the equity from. ....
Following three bank failures this spring, the general thesis among economists has been that commercial real estate has experienced a broad pullback in lending in 2023 — but not when it comes to one of the darlings of asset classes, says a team of capital markets experts at Berkadia. A review of commercial real estate loan data from the Federal Reserve and Real Capital Analytics found that multifamily lending in 2023 has remained steady relative to 2016 levels, and that smaller commercial banks are driving positive CRE lending activity across the country, as opposed to the nation’s 25 largest banks. “My initial hypothesis was we’d see a supreme dry-up in bank lending, and that just didn’t materialize,” said Josh Bodin, senior vice president of securities trading at Berkadia, and one of the authors of the report. ....
BOYNTON BEACH, FL - Berkadia announces it has secured a $93.6 million loan to refinance two multifamily communities located in Palm Beach County: Advenir at Banyan Lake and Advenir at La Costa, both vintage garden-style multifamily assets located in Boynton Beach, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of Advenir, a multifamily and single-family rental community developer and operator based in Aventura,. ....