Berkadia Secures Preferred Equity Partner for Recapitalization of 1,350-Bed Student Housing Portfolio

February 15, 2022

A private equity fund provided $22M for the recap of two student housing properties in Upstate New York, and one in Wilmington, North Carolina  

NEW YORK (February 14, 2022) – Berkadia announces it has secured a preferred equity partner for the recapitalization of a 499-unit/1,350-bed student housing portfolio owned by OC Ventures, a vertically integrated national off-campus student housing owner and operator based out of Chicago, Illinois and Charlotte, North Carolina. The properties are located in Rochester and Buffalo, New York as well as Wilmington, North Carolina. All of the properties will be managed by Varsity Campus.

Chinmay Bhatt, Noam Franklin, Cody Kirkpatrick, and Matthew Tu of Berkadia Joint Venture Equity & Structured Capital secured the equity partner, a private equity firm, on behalf of OC Ventures.

“Our team is excited to assist OC Ventures to optimize their cost of financing as they grow their platform, and we look forward to assisting them on their future pipeline,” said Tu. “We are always trying to partner up the most competitive sources of capital with best-in-class owners.”

“Berkadia JV Equity & Structured Capital demonstrated a thorough understanding of the capital markets along with the student housing sector and has acted as an extended capital markets team for us,” said Steve Zhang, CIO of OC Ventures. “They let our team focus on what we do best and Berkadia handles the rest of the capital markets equation. We are grateful for their efforts in securing our equity partner and we look forward to continuing working with them on more deals.”

OC Ventures (“OCV”), founded in 2015, is a fully integrated real estate private equity firm focused on the acquisition and management of off-campus student housing assets throughout the United States. OCV has built a portfolio of highly differentiated student housing assets, as well as a best-in-class asset and property management platform. OCV currently has a portfolio of over 3,000 beds and manages additional ~4,500 beds as a third-party asset manager.

Berkadia Secures Preferred Equity Partner for Recapitalization of 1,350-Bed Student Housing Portfolio | Multifamily Press

Berkadia Secures Preferred Equity Partner for Recapitalization of 1,350-Bed Student Housing Portfolio | CityBiz

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