Berkadia Arranges $16.4M JV Equity For Encore Narcoossee Apartments In Lake Nona, Orlando

The Encore Narcoossee Apartments located at 7567 Narcoossee Rd in Lake Nona, Orlando, have secured $16.4 million of institutional equity. The equity was sourced by Berkadia JV Equity & Structured Capital Group, led by Noam Franklin, Cody Kirkpatrick, and Chinmay Bhatt. This marks the third ground-up, multifamily project that Berkadia has helped capitalize for Encore Multifamily. The project is expected to commence construction on August 1, 2022.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $16,390,000
• Units: 249
• Lender: Synovus Bank
• Landlord: Encore Multifamily
• Brokers: Cody Kirkpatrick, Noam Franklin & Chinmay Bhatt - Berkadia
• Loan Type: Equity Loan

Berkadia JV Equity & Structured Capital Group, through the efforts of Noam Franklin, Cody Kirkpatrick, and Chinmay Bhatt, successfully arranged the equity for 49 transactions and over $2 billion in volume in 2021. They are on track to surpass this record in 2022. Recent successful capitalization projects include those in Charleston, Tampa, Phoenix, and Orlando.