the value of integrity

The value of integrityBerkadia Affordable Housing Group

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


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


CLARKSTON, GA

Berkadia Investment Sales advisory. 603-unit

property sold for $32,500,000, April 2018.


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.


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


1 0 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


NICK NICHOLSONManaging Director


RICHARD PRICEManaging Director


GEMMA GELDMACHERSenior Director


L AUR A SMITHManaging Director


LLOYD GRIFFINManaging Director, Affordable Housing


FR ANKLIN BROWNSenior Director, Affordable Housing


DEBT CAPITAL SOLUTIONS

SEBASTIAN CORR ADINO President


RICK SL AGLE Senior Vice President


LIHTC EQUIT Y CAPITAL

TIMOTHY BR ACKENDirector


BRUCE FURNISSSenior Director


JEREMIAH JARMIN , JD, CCIMDirector


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.

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the value of integrity

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