Berkadia, a distinguished leader in the commercial real estate industry, proudly announced the successful financing of two multifamily properties: 3617 Venice, a 28-unit building, and 641 N Hobart, a 16-unit mid-rise, both located in Los Angeles, California.
Senior Director Vin Basa of Berkadia Scottsdale secured a $14.7 million loan. The transaction was finalized on September 19.
The recently secured three-year loan boasts an attractive low 300 basis point spread, interest-only payments, and a 75% loan-to-value ratio.
“This loan aligns perfectly with the owner’s long-term strategy, lowering the cost of capital over the next three years before transitioning to a permanent loan,” stated Vin Basa. Paul Schon of Schon Development Group expressed, “We’ve invested tremendous effort into these properties, and despite the challenges posed by pandemic-related slowdowns and rising costs, this loan positions us to achieve our long-term ownership goals. We’re grateful to Vin Basa and his team for their exceptional work in securing multiple lending options and helping us move these projects forward.”
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
