Berkadia arranged financing for Silva, a 221-unit, midrise multifamily property located in Los Angeles’ Silver Lake neighborhood. Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach of Berkadia secured acquisition financing on behalf of a joint venture between California-based Cityview and New York-based Wafra. Patrick McGlohn and 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. Cityview and Wafra began lease-up following closing. Although terms of the financing were not disclosed, the purchase price for Silva was reported as $110 million.
“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.”
Located at 235 N. Hoover St., Silva reportedly is the first institutional-grade multifamily asset of its size delivered in the Silver Lake/Echo Park neighborhoods.
