3650 REIT (“3650”), a nationwide alternative lender, special servicer and solutions provider focused on originating, servicing and asset-managing commercial real estate loans and providing fixed-income advisory support to global institutions, announced it has originated a nearly $73M loan for the acquisition of Silva, a newly constructed 221-unit Class A multifamily asset located at 235 N Hoover Avenue in the Silver Lake area of Los Angeles, California.
The loan was originated on behalf of a leading insurance firm and was provided to sponsors Cityview, a vertically integrated real estate investment management and development firm focused on multifamily housing, and Wafra, a New York-based alternative investment manager with $28 billion AUM focused on real estate, strategic partnerships and real assets.
“Silva is an exceptional multifamily asset with strong fundamentals, from its ideal location and high-quality amenities to its expansive floorplans and stellar views,” said 3650 REIT Co-Founder and Managing Partner Jonathan Roth. “We believe in the sponsors’ vision for the project and expect it to be an excellent rental housing option for residents of the Silver Lake area. 3650’s real estate expertise and comprehensive credit platform—key attributes that contributed to the completion of this transaction—enable us to act as a solutions provider for insurance companies, ensuring sound alignment and reliable results. We look forward to working on additional transactions with both Cityview and Wafra in the future.”
Silva is strategically located one mile from the heart of Silver Lake, affording residents proximity to one of the city’s most vibrant and exciting neighborhoods. The area offers a thriving culinary scene and a variety of boutique retail options, with easy access to Downtown and West LA via the 101 Freeway.
“3650 was great to work with on Silva. They performed incredibly well within a short closing time frame, which was critical for our acquisition of this trophy multifamily asset,” stated Damian Gancman, CIO and CFO of Cityview. “Their responsive servicing team has made this a smooth process before, during and after closing, and we look forward to continuing to work with 3650 in the future.”
3650 REIT offers a full spectrum of lending products across the property life cycle, from ground-up construction to value-add, including senior debt, mezzanine debt and preferred equity as well as fixed-rate financing for stable assets, resulting in a strong value proposition for both borrowers and investors. By holding and servicing each loan it makes through maturity and retaining the risk on each, 3650 creates an alignment of interest with sponsors and prioritizes a deep focus on building relationships.
3650 REIT is a steward of institutional capital, with a current loan servicing portfolio of over $17.7 billion in commercial real estate loans and securities across the capital stack.
