Dealmaker: Berkadia Secures $12M in JV Equity in Nevada

(Illustration courtesy of Berkadia)

Berkadia, Ambler, Pa., arranged $11.5 million in joint venture equity for Five Ridges, a to-be-built 83-unit townhome-style development in Reno, Nev.

A global investment manager supplied the equity.

Cody Kirkpatrick, Chinmay Bhatt, and Noam Franklin of Berkadia JV Equity & Structured Capital and Jared Glover, Senior Director of Investment Sales at Berkadia Nevada represented sponsor, Leggera Development, Las Vegas, to arrange the joint venture equity.

“The bar is high for investment into ground-up development for institutional equity in today’s macroeconomic environment,” Kirkpatrick said. “However, for well-located opportunities alongside proven development teams that deliver high-quality product, institutional interest remains.”

Glover noted the Reno market continues to attract outside capital as the economy diversifies and the employment base grows.

Located at 545 Highland Ranch Parkway, Five Ridges will include units ranging from 1,494 to 1,969 square feet, each with three bedrooms and two and a half bathrooms. The property sits within the Five Ridges master-planned community, a 422-acre community with ten villages including single-family detached homes, townhomes, multifamily and commercial properties.