Berkadia Secures Acquisition Financing at TCO for Multifamily Property in Los Angeles
LOS ANGELES, California – September 26, 2024 – Berkadia announced today the financing secured for Silva, a 221-unit, midrise multifamily property located in Los Angeles, California. Senior Managing Director Allan Freedman and Senior Director Ben Harris of Berkadia Los Angeles, and Senior Managing Directors Charlie Haggard and Kevin Mignogna, and Vice President – Originations Michael Beach of Berkadia Irvine secured acquisition financing at TCO on behalf of a Joint Venture between California-based Cityview and New York-based Wafra. Senior Managing Director Patrick McGlohn and Managing Director Brian Gould of Berkadia DC Metro also contributed to the financing.
The floating-rate loan was financed through 3650 REIT and facilitated the acquisition of Silva at the receipt of a Temporary Certificate of Occupancy (TCO). Cityview and Wafra began leasing-up the community following closing.
“This transaction represents Berkadia’s commitment to collaborating and providing clients with the best possible execution as a complete capital markets team despite the transaction’s complexities,” said Freedman. “The financing was secured through a joint effort by Mortgage Banking Teams in Los Angeles, Orange County, and DC Metro, all of whom leveraged our financing relationships to achieve the strongest possible execution on a complex assignment.”
Located at 235 North Hoover Street, Silva is a newly constructed 221-unit, Class A multifamily community in the Silver Lake neighborhood of Northeast Los Angeles. Situated on a hilltop that provides 360-degree views of the city, Silva is the first institutional-grade multifamily asset of its size delivered in the Silver Lake/Echo Park neighborhoods. With floor-to-ceiling windows, condo-quality finishes, and an average unit size of approximately 1,000 square feet, Silva represents a unique financing and investment opportunity in a high barrier-to-entry submarket.
“Despite the lack of leasing and acquisition at TCO, Silva represents an attractive financing opportunity because of the material discount to replacement cost, institutional sponsorship, and irreplaceable location,” said Harris. “This financing will allow the time for Cityview and Wafra to execute the lease-up of the asset while funding future capital needs through stabilization.”
Berkadia Arranges Acquisition Financing for Silver Lake Multifamily | Connect CRE
Cityview, Wafra JV secures acquisition financing for multifamily property in Los Angeles | iREOC