In the midst of its record-breaking year, Berkadia, Berkshire Hathaway’s joint venture with Jefferies Financial Group, has added a new investment sales team to its D.C. Metro office, bringing on board Senior Managing Directors Walter Coker and Brian Crivella.
Coker and Crivella are regional leaders in multifamily sales, having executed over 200 sale and recapitalization transactions representing in excess of $15 billion of value and more than 40,000 units across their careers. They join an already robust investment sales team and will serve in a leadership capacity. The team will work closely with Berkadia’s D.C. Metro mortgage banking team and will report to Co-Head of Investment Sales Keith Misner.
“The D.C. Metro area, and the Mid-Atlantic region as a whole, is a mainstay for institutional and private client apartment investment activity. We have seen groundbreaking sales this year and the region is poised to continue to be a sought-after location for investment, which is why it is vital that we have the best talent on our team to support clients looking to transact in the market,” said Misner. “Few people are as experienced in the Mid-Atlantic region as Walter and Brian, and we’re thrilled to add them as leaders to our already powerhouse team in our D.C. Metro office. As we look ahead to what we know will be an incredibly active end of the year, and what we expect to be an equally active start of 2022, we’re confident that we’re bringing the best talent and opportunities to the table to enable our clients to achieve their goals.”
Berkadia has had a record-breaking investment sales year so far, closing more than $12 billion in investments sales across 400 transactions to date. The Mid-Atlantic region alone has totaled more than $1 billion across 35 transactions.
The Mid-Atlantic region alone has totaled more than $1 billion across 35 transactions.
This success comes on the heels of Berkadia’s increased commitment to serving institutional clients, who have played an outsized role in the industry’s post-COVID rebound.
At the start of the year, Berkadia acquired the apartment brokerage arm of Moran and Company, launching Berkadia Institutional Solutions, powered by Moran.
Founded in 2009 as a 50/50 joint venture between Berkshire Hathaway and Leucadia National Corporation (now known as Jefferies Financial Group), Berkadia is a third-party commercial mortgage servicer, as well as an approved lender for Fannie Mae, Freddie Mac, and HUD/FHA.
The company is among the top Freddie Mac and Fannie Mae multifamily lenders.
Berkadia owes its origins to GMAC Commercial Mortgage Corporation, which was acquired in 2009 by Kohlberg Kravis Roberts & Co., Five Mile Capital Partners LLC, and Goldman Sachs Capital Partners. Christened Capmark Financial, the company had $10 billion of originations in 2008 and a servicing portfolio of more than $360 billion before running into bankruptcy in October 2009.
In a deal approved by the bankruptcy court, Capmark sold its mortgage loan and servicing to the newly formed Berkadia in a deal worth $515 million.
The deal brought Berkshire into the heart of the commercial loan serving business, and the company has one of the largest commercial real estate servicing portfolios.
© 2021 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.