LOS ANGELES (Feb. 25, 2020) – Berkadia announces it has arranged an interim loan for a proposed mixed-use development including multifamily and hospitality in Los Angeles’ Warner Center district. Senior Managing Director Cutt Ableson of Berkadia’s Houston office secured the loan on behalf of Kaplan, a real estate development, investment and management firm based in Houston, Texas.
Silverpoint Capital originated the three-year floating rate loan.
“The Warner Center business district is one of the most active locations for development in the San Fernando Valley, with an advantageous location right on U.S. 101 and minutes from Interstate 405,” said Ableson. “With the Warner Center 2035 Specific Plan in place by the City of Los Angeles, the area is expected to see about 28 million square feet of commercial and office space and bring 24,000 new residential units, offering development opportunity in only 1.5-square-miles within the Woodland Hills neighborhood.”
Located on Canoga Avenue, Kaplan Companies plans to develop multifamily, commercial office space and/ or hospitality throughout 8 acres of land. The property is located about five minutes away from U.S. 101, offering a 15-minute drive to I-405 and direct access into and throughout the Greater Los Angeles area.
Berkadia Arranges Land Development Loan for Mixed-Use Asset in Los Angeles | CityBizList