Berkadia has successfully secured acquisition financing for Silva, a midrise multifamily property located in the desirable Silver Lake neighborhood of Los Angeles. The 221-unit property was acquired by a joint venture between Cityview and Wafra, with assistance from Berkadia’s Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach. Patrick McGlohn and Brian Gould from Berkadia DC Metro also contributed to the financing.
The loan was financed through 3650 REIT on a floating-rate basis and enabled the purchase of Silva upon receipt of its Temporary Certificate of Occupancy. Following closing, Cityview and Wafra will begin leasing up the property. While specific details were not disclosed about this transaction’s terms or financing amount, it is known that Silva sold for $110 million.
According to Harris: “Despite being at TCO stage without any leases in place yet for acquisition purposes; we saw great potential in Silva due to its discounted price compared to replacement cost as well as its prime location with strong institutional sponsorship.” This funding will provide ample time for Cityview and Wafra to complete lease-up while also covering future capital needs during stabilization.
Silva is situated at 235 N Hoover St., making it one of only few institutional-grade multifamily assets delivered within Silver Lake/Echo Park neighborhoods thus far.
