Berkadia Secures $32M for New York Community

Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick led the team that secured the loan.
433 W. 53rd St., New York. Image via Google Street View (as of August 2018)
433 W. 53rd St., New York. Image via Google Street View (as of August 2018)

Berkadia has arranged a $32 million stretched senior financing for a new 60-unit community in New York. The company closed the senior loan with a mezzanine loan component on behalf of Emmut Properties. Keysite Capital Partners provided the financing.

Berkadia’s team led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick secured the financing. This follows after Berkadia provided Lion Real Estate Group a $38 million acquisition loan for a 350-unit property in suburban Nashville, Tenn.

Located at 433 W. 53rd St., between West 53rd and West 54th Street, the newly built, six-story buildings feature a private courtyard. Situated in the midtown Manhattan, the community provides convenient access to various shopping, dining and entertainment venues including Balsley Park, CVS, TJ Maxx, Starbucks and The Museum of Arts and Design. Additionally, Central Park is about a half mile away.

According to Yardi Matrix data, the community received a $12.5 million construction loan in 2016, funded by Investors Bank.

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