Berkadia arranges JV equity for development of 305-unit multifamily community in Dallas MSA

Berkadia announced it has arranged an undisclosed amount of equity on behalf of Pivotal Residential and Novu Residential Group for the development of the Casona, a class A, 305-unit, elevator-served multifamily community located in Grand Prairie, Texas.

Berkadia JV Equity & Structured Capital sourced the equity from Parse Capital, an institutional investment firm that is exclusively focused on the residential housing sector. Trustmark National Bank and BOK Financial co-led the debt financing for the Casona on behalf of the two-bank syndication group. Groundbreaking is scheduled to commence in September 2024.

“We are pleased to announce the Casona as our latest residential development,” said Michael Ramsey, managing principal at Pivotal Residential. “The North Texas market, both from a supply-demand standpoint as well as from an investment sales perspective, continues to outperform on a relative, risk-adjusted basis. We would like to thank the city of Grand Pr