Berkadia sourced both a joint venture partner and a preferred equity provider for developer Moderne to build two new Phoenix multifamily communities. Moderne has plans to build projects with a combined 358-units to be called The Governor and Moderne Arrowhead.

Located at 1717 E. McDowell Road, The Governor is a five-story community with 176 studio, one and two-bedroom apartments averaging 739 square feet. The preferred equity partner contributed $18.93 million in equity behind a $40.6 million senior loan by Pacific Western Bank. Completion is slated for 2024.

Moderne Arrowhead is at 15431 North 67th Avenue in Glendale. It’s a three story, garden style community with 182 units. The equity partner contributed $18.10 million behind a $39.3 million loan from Pacific Western Bank. It’s expected to be ready for tenants in April 2024.

Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia secured the joint venture equity partner, BCDC, as well as the preferred equity provider, a Texas-based investment manager.