NEW YORK, NY - Berkadia today announced that it secured stretched senior financing (a senior loan with a mezzanine loan component) for Emmut Properties’ new 60-unit residential development at 433 West 53rd Street in New York, NY.
Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, arranged $32.0 million in stretched senior financing for the newly built property. Keysite Capital Partners provided the financing.
“Understanding our client’s unique requirements for this particular recapitalization, Berkadia’s JV Equity & Structured Capital Group ran a very targeted process to identify an ideal capital source in a timely and efficient manner,” said Bhatt.
Emmut Properties’ John Young added, “Keysite Capital Partners provided the right combination of favorable pricing and flexible structure and were very easy to work with.”
The property 433 West 53rd Street has a unique block-through presence with a second entrance on West 54th Street. The 60-unit project boasts a private courtyard and convenient Midtown Manhattan location. It is a great addition to Emmut Properties’ significant NYC-focused portfolio.
This is Bhatt, Franklin and Kirkpatrick’s second time around with Emmut Properties; in 2018, the team arranged a $40 million bridge loan through Emerald Creek Capital for the company’s 138 Bowery hotel project.