By Joshua Burd
The owner of a 568-unit apartment portfolio in Bound Brook and Hackensack has recapitalized the properties with $29 million in preferred equity, according to an advisory team with Berkadia.
According to a news release, the sponsor will use the new preferred equity to provide liquidity for development projects in its pipeline. Berkadia did not list the properties’ addresses, but noted that the undisclosed sponsor developed them in 2014, 2016 and 2019.
Noam Franklin, Cody Kirkpatrick, Chinmay Bhatt and Matthew Tu of Berkadia’s joint venture equity and structured capital team spearheaded the transaction.
“We are seeing an abundance of preferred equity available within the multifamily space,” Franklin said. “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.”
