Noam Franklin | Source | Managing Director – Head of Eastern US JV Equity & Structured Capital Group a...
Noam Franklin
Noam Franklin is Managing Director and Head of Eastern US for Berkadia’s JV Equity & Structured Capital. Based in New York, the team focuses on raising equity and structured capital from domestic and international qualified capital sources. Since launching in 2019, the team has capitalized over $5.1 billion across more than 100 property transactions, which comprises of over 22,000 multifamily/build-for-rent units and student housing beds across 22 states.
Prior to joining Berkadia, Mr. Franklin was the Founder and Managing Principal of a boutique capital advisory firm, Central Park Capital Partners. Central Park Capital Partners was officially acquired by Berkadia in 2019.
Before moving to the United States, Noam spent seven years living in the United Arab Emirates working for some of the leading real estate institutions in Abu Dhabi and he maintains strong relationships to a wide spectrum of institutional capital in the region. Mr. Franklin completed his undergraduate studies at the University of Western Ontario before earning a Master of Science in Real Estate Development from Columbia University.
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Multifamily Executive - 2022 Apartment Outlook: As Good As It Gets
“There is an overabundance of money chasing multifamily and still an undersupply of housing in this country,” says Noam Franklin, the managing director for Berkadia’s JV Equity & Structured Capital Group in New York City. “In addition to traditional institutional investors, there are groups raising capital in-house, there is a ton of private equity, there’s 1031 exchange, and there’s high-net-worth money pulling out of the stock market and pouring into apartments. It is a constant bombardment of capital.”
“Single-family build-to-rent is at the top of the list for almost every equity source we’re working with,” says Franklin. “It’s the first deal they are looking for, and we’re trying hard to connect those investors with deal flow.”
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Globe St. - Multifamily Dealmakers Aren’t Hitting Their Whisper Prices Anymore and Institutional Equity Is Moving In
Franklin represents institutional equity in the housing market and for the last year many of the multifamily deals he has sent over have been too rich for institutional capital seeking out value-add JV investments. Once they unwind the rents and pencil in the money on upgrades, they would find that the return was not equal to the risk they would have to take. So, these life companies, private equity providers and pension funds, for the most part, stayed on the sidelines instead of investing through JVs.
Instead, what they did was take a barbell approach, Franklin explains, blending some ground up deals, some core plus and so on to reach a value-add return. The multifamily market hardly noticed the difference given the abundance of private and GSE capital that has been targeting the space in recent years.
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Real Estate Capital USA - Lenders point to new wrinkle in capital stack: Participating preferred equity
“Groups that traditionally have been offering JV equity, [at] where the market is today, they’re just more comfortable in a preferred equity position,” said Noam Franklin, managing director at Berkadia JV equity and structured capital.
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Bela Flor Lands $24M Equity for Phoenix-Area Luxury Asset
Berkadia JV Equity & Structured Capital team of Managing Directors Cody Kirkpatrick and Noam Franklin, along with Senior Managing Director Chinmay Bhatt, arranged the financing. The same trio was recently involved in securing equity for three Sun Belt communities totaling 875 units.
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Berkadia secures programmatic equity for Sterling Group apartment communities recapitalization
Berkadia has secured programmatic equity from a global institutional investor to finance Indiana-based The Sterling Group’s recapitalization of three apartme...
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Berkadia
Managing Director – Head of Eastern US JV Equity & Structured Capital Group