Stretched senior financing (a senior loan with a mezzanine loan component) has recently been arranged for Emmut Properties’ new 60-unit residential development at 433 West 53rd Street in Manhattan.
Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, arranged the $32 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.
The property, 433 West 53rd Street, has a block-through presence with a second entrance on West 54th Street. It also has a private courtyard.
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.