WAY Capital, a leading commercial real estate capital markets advisor, announced today that it has secured a $40 million senior construction loan on behalf of Six Peak Capital and Grandview Partners for the ground-up development of 4339 Berryman Avenue and 4367 Berryman Avenue. The micro suite portfolio will consist of 282 suite living units across 49 multifamily units in the Mar Vista neighborhood of West Los Angeles.
WAY Capital’s Founder and Senior Managing Director Malcolm Davies and Founder and Managing Partner Zachary Streit, along with other members from WAY in its Los Angeles office, sourced the financing on behalf of East West Bank.
“The suite living projects are a modern solution to the ongoing housing shortage and availability crisis,” said Davies. “This project provides a beautiful living environment in Mar Vista, a neighborhood desirable for Millennials and Gen Z.”
“We are excited to continue to expand our investments in Los Angeles with our partners at Grandview,” said Chris Aiello, partner at Six Peak Capital. “The projects represent our conviction around providing housing in some of the most expensive locations in L.A., near critical job centers at more attainable price points for the young professional workforce. Thanks to our partners at Way Capital, we have been able to successfully expand our lending relationships with this product typology.”
Planned as four stories, the project will feature an open-air landscaped courtyard and a diverse unit mix consisting of three-bedroom, five-bedroom and six-bedroom units, ranging in size from 1,297 to 2,204 square feet.
“It was a pleasure to represent such a high-quality sponsor; their extensive track record and expertise in suite living is unparalleled,” said Streit.
Individual unit amenities will include:
- Stainless steel appliances
- In-unit washer/dryer
- Modern granite/quartz kitchen and bathroom countertops
- Luxurious interior finishes
- Wood flooring
Most resident bathrooms are ensuite, allowing for maximum privacy. Common amenities will include:
- Two community rooms with dedicated workspaces
- A spacious communal rooftop deck, including barbeques and resident gathering spaces
- A secure package room, a storage room and bicycle parking
- An open-air landscaped courtyard
Construction completion is anticipated to occur in 2024.
About WAY Capital
Led by Founder & Sr. Managing Partner Malcolm Davies and Founder & Managing Partner Zack Streit, WAY Capital represents entrepreneurial commercial real estate sponsors in capitalizing on their institutional and sub institutional pursuits. WAY provides sophisticated financing solutions by leveraging an expansive capital network, a proprietary ‘Deal Champion’ strategy and a 100% dedicated team. This allows WAY to act as our clients ‘outsourced’ Chief Financial Officer organization and help grow their platforms. WAY has closed over $1.1BN year to date and its principals have closed $15BN over their careers.
About Six Peak Capital
Six Peak Capital, founded in 2016, is a privately held real estate asset management firm located in New York NY. The firm’s primary focus is on multifamily development and value-add across 5 core cities in the United States, New York, Los Angeles, Seattle, San Francisco and Chicago. Since inception the firm has made more than 50 investments across 3,000+ leasable units, representing over $1BN of total capitalization with its limited partners, primarily institutional and large family offices.
About Grandview Partners
Grandview Property Partners, LLC is a real estate fund manager founded in 2018 and is managed by an experienced team of real estate professionals who have worked together an average of 19 years acquiring, originating, managing, developing, and selling real estate assets. The Grandview principals have experience in acquiring and managing real estate assets in over 70 markets focusing on middle market transactions. Based out of four offices across the United States with assets being managed in 15+ states, Grandview has deep direct relationships sourcing a significant number of opportunities on a non-marketed basis.
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Rendering caption: WAY Capital arranges $40 million senior construction loan for micro-suite development from Six Peak Capital and Grandview Partners. (Rendering credit: Six Peak Capital & Grandview Partners)