Commercial real estate giant Berkadia is set to expand its business thanks to the acquisition of Central Park Capital Partners, a real estate capital advisory firm that focuses on arranging joint venture investments and structured capital from international and domestic institutional and qualified capital sources.

Through the acquisition, Berkadia is launching its own structured capital group, which will be led by the principals of Central Park Capital.

According to Berkadia, Central Park Capital Founder and Managing Principal Noam Franklin and Principals Chinmay Bhatt and Cody Kirkpatrick will lead Berkadia’s structured capital group and work to find financing sources for Berkadia’s clients.

Berkadia CEO Justin Wheeler said the company views the deal as the right move for Berkadia right now.

“With our acquisition of Central Park Capital Partners, we’re redoubling our efforts to make the accessibility of joint venture and structured capital a true differentiator with new levels of personalization and customization for the mutual benefit of our clients,” Wheeler said.

“As the cycle matures and deal structures become more sophisticated, tapping into a wide range of joint venture capital is critical to our clients,” Wheeler continued. “Having worked with Noam, Chinmay and Cody on a number of successful deals, CPCP was the obvious choice for a competitive acquisition.”

The CPCP team said that they are all excited to join Berkadia.

“We’ve been working closely with the Berkadia team recently and have been impressed that they share our targeted approach to client engagement and deal execution,” Franklin said.

“In joining Berkadia, we’re bringing a diverse roster of new capital sources to the table, creating enhanced joint venture matchmaking opportunities backed by best-in-class insight, technology and experience,” Franklin continued.

“Considering current market conditions, owners and developers are looking beyond their traditional partners and seeking to grow their stable of joint venture funding sources in order to capitalize deals,” Franklin concluded. “As Berkadia’s Structured Capital Group, we’re well positioned to meet this challenge and create synergies that will drive results for all stakeholders.”

Financial terms of the deal were not disclosed.