Berkadia sources $29m in preferred equity for 568-unit multifamily recapitalization in New Jersey

Berkadia JV Equity & Structured Capital have arranged $29 million in preferred equity for the recapitalization of an existing multifamily portfolio of 568 units in Bound Brook and Hackensack, N.J.

The assets were built in 2014, 2016 and 2019 by the sponsor, with the purpose of providing liquidity to the sponsor for the development projects in their pipeline.

“We are seeing an abundance of preferred equity available within the multifamily space,” said Noam Franklin, senior managing director at Berkadia. “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.”