CHARLOTTE, NC - Berkadia JV Equity & Structured Capital, led by Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt have arranged the joint venture equity for a recapitalization of 566 units over two properties for the Sterling Group in Charlotte, North Carolina, and Augusta, Georgia.
“With the ongoing volatility in today’s capital markets, Berkadia JV Equity and Structured Capital is focused on equity recapitalizations as a great catalyst to create new institutional joint venture partnerships for established sponsors creating the foundation for potential go-forward programmatic ventures,” said Kirkpatrick. “These strategic recapitalizations position both assets for long term success while expanding The Sterling Group’s institutional joint venture relationships for future acquisitions.”
“The Sterling Group is excited to expand our relationships, both furthering our existing relationship with Berkadia, as well as forging a new partnership with a group that fits our company culture and objectives. We anticipate the recapitalization of these assets being the start of a long-term venture that we’ll be able to leverage to continue the growth The Sterling Group’s real estate platform,” said Josh Miller, Chief Investment Officer at Sterling Group.
The properties in the recapitalization are as follows:
- Argento at Riverwatch, a 296-unit garden style multifamily community located at 420 Topgolf Way in Augusta, GA.
- Argento at Kellswater Bridge, a 270-unit garden style multifamily community located at 40000 Argento Way, Kannapolis, N.C.
The Berkadia JV Equity & Structured Capital has recapitalized five assets in total for the Sterling Group since 2023. Since April 2024, the team has raised the equity on more than $850 million in total transaction volume with closings in Denver, Dallas, Reno, New Jersey, Detroit, and Tacoma.
About Berkadia®: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our client’s assets.
About Sterling Group: Founded in 1976 and headquartered in Mishawaka, Indiana, Sterling Group is a family-owned real estate investment firm specializing in multifamily housing and self-storage facilities. Sterling currently owns nearly 25,000 operational units of multifamily housing and self-storage, and is actively developing, constructing, acquiring, financing, leasing, managing, and selling real estate across their target markets.