Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
Berkadia’s Affordable Housing Group has been designed
and built to meet all of the capital and strategic needs of
sponsors, developers, owners and investors in affordable
housing.
Berkadia provides the entire spectrum of debt and equity
solutions for the affordable housing industry:
• Debt capital solutions for every situation - HUD,
Fannie Mae, Freddie Mac, bond underwriting, bridge
loan, and pre-development financing
• Low income housing tax credit direct equity
• Extensive sales advisory and equity raising solutions
Since 2017, Berkadia has provided over $1.9 billion in loans
for affordable housing.
In January 2018 Berkadia purchased a 50% ownership
interest in Riverside Capital, a full-service tax credit
investment company. Over the past 15 years Riverside
Capital has provided more than $1 billion in LIHTC equity
to developers across the country.
One team with decades of experience for all of your affordable housing needs
2 AFFO R DAB LE H O US I N G B ER K ADIA
In December 2009, Berkadia was formed when Berkshire Hathaway and Jefferies Financial Group acquired Capmark’s (formerly GMAC Commercial Mortgage) North American loan origination and servicing business.
In 2013, we acquired an investment sales platform to create one of the market’s most robust commercial real estate companies.
In January 2018, Berkadia acquired Riverside Capital, a full service tax credit investment company.
Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group, both of which are renowned for their capital strength and sophisticated investment strategies.
Berkshire Hathaway Inc. (NYSE: BRK.A and BRK.B) is a holding company owning subsidiaries engaged in a number of diverse business activities including property and casualty insurance and reinsurance, utilities and energy, retailing and services.
Jefferies Financial Group (NYSE: JEF) is a diversified holding company. Jefferies, formerly known as Leucadia National Corporation, is a global, full-service investment banking firm. Jefferies also owns and holds investments in a range of other businesses, including manufacturing, beef processing, telecommunications, real estate and energy.
No matter where you sell, buy or finance — or where you’d like to do so in the future — we’re there to help you make it happen.
OUR HISTORY OUR OWNERSHIP
NATIONWIDE REACH, LOCAL EXPERTISE
B ER K ADIA AFFO R DAB LE H O US I N G 3
In 2018 Berkadia arranged debt for affordable housing projects totaling $1.2 billion.
Debt Capital Solutions
FHA/HUD
Berkadia (and its predecessors) has been one of the most active FHA/HUD lenders in the affordable and market rate sectors for over 20 years.
Freddie Mac
Berkadia has been among the two most active Freddie Mac lenders in the entire country for years, with over $10 billion in loans for affordable and market properties in 2018.
Fannie Mae
Fannie Mae - Berkadia arranged over $6 billion in Fannie Mae loans in 2018 with a commitment to affordable properties.
Tax-Exempt Bond Underwriting
Berkadia’s parent company, Jefferies, is one of the pre-eminent investment banks specializing in tax-exempt bond underwriting for affordable projects across the country.
Proprietary Lending Group
Berkadia can provide bridge financing for LIHTC projects and for special situations including bridge to syndication and bridge to GSF/FHA takeout.
AFFORDABLE HOUSING GROUP
4 AFFO R DAB LE H O US I N G B ER K ADIA
The investment sales team provides disposition, valuation and advisory
services to investors and developers acquiring fee or partnership interests
for new construction, acquisition rehab, re-syndication, post-Year 15 yield and
market-rate conversion. Berkadia’s loan servicing business delivers access
to the broadest data set in the industry, allowing our advisors best-in-class
research to quantify sales, rent and expense comparables.
Investment Services• Disposition or Recapitalization
• Section 42 LIHTC
• Section 8 project-based HAP contracts
• Section 202 and 236
• USDA rural development
• Valuation
• Rent, income or age-restricted assets
• GP/LP interests
• Buy-side Advisory
Disposition, Acquisition, Valuation, Recapitalization
Sales Advisory Services
CASE STUDY
AFFORDABLE HOUSING GROUP
CLARKSTON, GA
Berkadia Investment Sales advisory. 603-unit
property sold for $32,500,000, April 2018.
B ER K ADIA AFFO R DAB LE H O US I N G 5
Riverside Capital, a joint venture of Berkadia and The Michaels Organization, is a
full-service tax credit investment company offering equity capital to developers
of high-quality affordable housing. Riverside has guided the financing and
syndication for more than 7,700 affordable apartment homes across the country,
representing $1 billion of equity capital.
Low Income Housing Tax Credit Equity - Riverside Capital
Over the past 15 years Riverside has provided over $1.0 billion in LIHTC equity to affordable projects across the country.
AFFORDABLE HOUSING GROUP
CASE STUDIES
FAIRWOOD APARTMENTS
CARMICHAEL, CA | 86 UNITS• Fannie Mae MTEB
• Loan Amount: $12,614,000
• Closed November 2018
• 100% project based HAP contract
• 4% LIHTC provided by CalHFA, bonds underwritten by Jefferies, Credits syndicated by Riverside
L AKES AT INDIAN CREEK
CLARKSTON, GA | 603 UNITS• Investment Sales Advisory
• Selling price: $32,500,000
• Sold April 2018
• 4% LIHTC / 497 units out of 603 units affordable at 60% AMI
LOS ANGELES, CA | 73 UNITS• Freddie Mac TEL (Immediate Funding)
• Loan Amount: $16,500,000
• Closed November 2018
• 4% LIHTC; Project-based Section 8 contract
• Fixed rate acquisition & rehabilitation loan
L A 78 APARTMENTS
ARC OF NORTH CAROLINA
GREENSBORO, NC | 178 UNITS• Tax Exempt Bond Issue
• Loan Amount: $26,190,000
• Closed December 2017
• 100% Project based Section 8 rent subsidy contract
• Group homes financed for the developmentally disabled, underwritten by Jefferies
TWELFTH & WEDGEWOOD
NASHVILLE, TN | 153 UNITS• HUD 221d4 4% LIHTC/Tax Exempt Bond Transaction
• Loan Amount: $24,153,400
• Closed December 2017
• 63 units @ 60% AMI, 59 units @ 100% AMI, 31 units @120% AMI
• Closed within 9 months of engagement
CHICAGO, IL | 84 UNITS• Freddie Mac 30 Month Fixed Rate Forward
• Loan Amount: $2,700,000
• Set to close July 2021
• 84 Affordable units. 21 receiving a HUD ACC subsidy, 34 restricted @ 60% AMI, 29 restricted @ 80% AMI
• 9% LIHTC syndicated by Riverside Capital
4400 GROVE
8 AFFO R DAB LE H O US I N G B ER K ADIA
AFFORDABLE HOUSING GROUP EXPERTS
STEVE ERVINSVP, Head of FHA and Affordable Housing Finance
301.202.3575 [email protected]
ANTHONY CINQUINIManaging Director, Affordable Housing
310.209.3288 [email protected]
NICK NICHOLSONManaging Director
301.202.3554 [email protected]
RICHARD PRICEManaging Director
301.202.3578 [email protected]
GEMMA GELDMACHERSenior Director
617.531.8911 [email protected]
L AUR A SMITHManaging Director
301.202.3564 [email protected]
LLOYD GRIFFINManaging Director, Affordable Housing
512.226.8710 [email protected]
FR ANKLIN BROWNSenior Director, Affordable Housing
615.377.7676 [email protected]
DEBT CAPITAL SOLUTIONS
SEBASTIAN CORR ADINO President
856.355.4510 [email protected]
RICK SL AGLE Senior Vice President
856.355.4639 [email protected]
LIHTC EQUIT Y CAPITAL
TIMOTHY BR ACKENDirector
303.689.8336 [email protected]
BRUCE FURNISSSenior Director
714.384.3266 [email protected]
JEREMIAH JARMIN , JD, CCIMDirector
404.654.2609 [email protected]
SALES ADVISORY AND EQUIT Y SOURCING
B ER K ADIA AFFO R DAB LE H O US I N G 1 1
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx © 2019 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
BERKADIA .COM / 800.446 .2226