(Save the date: RealShareApartments comes to the Westin Bonaventure, LosAngeles, October 24.)
BERKELEY, CA-The Los Angeles branch of BerkadiaCommercial Mortgage LLC has arranged a $37-million loanfor the acquisition of a note secured on theArpeggio, a multifamily/retailcommunity here. In 17 days, Berkadia’s team, led by SVPAllan Freedman, worked with borrowerCityView Bay Area Fund I LP to turn around thefinancing needed to purchase the note, which had recently been putup for sale.
The team arranged the non-recourse interim loan throughBerkadia’s proprietary bridge lending program. The 18-month loanhas a floating interest rate that reduces as the borrower achievescertain milestones.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
