Berkadia successfully secured financing for Silva, a 221-unit midrise multifamily property situated in the desirable Silver Lake neighborhood of Los Angeles. The loan was obtained on behalf of a joint venture between Cityview, based in California, and Wafra from New York. The team at Berkadia responsible for securing the acquisition financing included Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach. Additionally contributing to the financing were Patrick McGlohn and Brian Gould from Berkadia DC Metro.
The loan was structured as floating-rate through 3650 REIT and enabled the purchase of Silva upon receipt of a Temporary Certificate of Occupancy (TCO). Following closing on this deal with Cityview and Wafra began lease-up efforts at Silva’s prime location. While specific terms were not disclosed publicly by all parties involved it has been reported that $110 million was paid for this asset.
Harris commented on this transaction stating that despite TCO status there is still great potential due to factors such as discounted cost compared to replacement value along with strong institutional sponsorship combined with an unbeatable location making it an attractive opportunity for financing purposes.” This funding will provide ample time needed by Cityview & Wafra during their lease-up period while also allowing them access capital necessary towards future stabilization needs.”
Silva can be found at its address located specifically: 235 N Hoover St., which according reports is considered one-of-a-kind being first ever institutional-grade multifamily asset delivered within Silver Lake/Echo Park neighborhoods.
