Berkadia Goes Behind the Deals in New Podcast Series

News| July 30, 2025| Paul Bubny

Berkadia has launched a podcast series titled “Inside the Deal, a CRE Podcast by Berkadia®,” which dives into the captivating stories of commercial real estate triumphs, exploring the situations, challenges, solutions, and outcomes achieved. In the inaugural episode, Berkadia’s EVP – Head of Production Ernie Katai is joined by Senior Managing Director Tucker Knight and Senior Real Estate Analyst Clay Faust of Berkadia’s Houston office, and special guest James Goldberg of Citi. Knight, Faust, and Goldberg recently collaborated on closing a $700 million CMBS loan for an 18-property multifamily portfolio spanning the Sunbelt region.

The most significant challenge was not the expansive geography but rather the diversity within the portfolio. It comprised 18 properties with different asset types and varying performance levels. Much of the operating income was going to the special servicer, in some instances leaving no room for maintenance or improvements, and the debt backing the 11 properties was headed toward default. “There was no cash flow that was going to be generated from this portfolio, which kind of got the conversation started,” Knight recalled.

The discussions between the Berkadia team and the borrower began in September 2024 and continued over the next few months. Knight and Faust determined that completing the deal was doable despite the hurdles it presented. “Half of the deals we underwrite are cash-starved in one way or another,” pointed out Knight.

Goldberg emerged early on as a logical choice for the lender. “We knew it was going to be a tough slog,” Knight said. “The properties were underperforming from a maintenance perspective, so I wanted to find someone who would be straightforward and had the horsepower to get it done.”

During the podcast, the team behind the $700 million financing explores the senior loan structure, Greystar’s role in completing the deal, and the challenges posed by the current market. “We were able to get [the loan] sized to effectively [create] a cash neutral deal across the whole stack by leaning in hard,” Knight said.

“There are so many curveballs in the capital markets today with everything going on in the economy, in the macro markets,” said Goldberg. “And the properties are living and breathing animals that move around on a daily basis. So, it’s definitely a lift. But we’re wide open for business. We’re seeing tremendous demand. We’ve gotten a bunch of inquiries after this deal closed, from other sponsors who are out there in similar situations.”

“Inside the Deal, a CRE Podcast by Berkadia®” will feature the firm’s investment sales advisors, mortgage bankers, clients, and lender partners as they share the challenges, solutions and outcomes involved in closing multimillion-dollar deals. “Every deal presents unique challenges, and in this dynamic market, we aim to showcase the strategies of the nation’s top closers as they navigate these complexities,” Katai said.

Listen to the inaugural episode on Apple Podcasts, Spotify, Amazon Music, or iHeartPodcasts.