Century City-based Way Capital, a real estate capital markets advisor and lender, 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 Ave. and 4367 Berryman Ave. in Mar Vista.

The micro suite portfolio will consist of 282 suite living units across 49 multifamily units when completed.

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 from East West Bank.

“The suite living projects are a modern solution to the ongoing housing shortage and availability crisis,” Davies said in a statement. “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,” added Chris Aiello, partner at Six Peak Capital, in a statement. “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.”

The project, which will be four stories tall, 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.

Amenities will include two community rooms, a rooftop deck and bicycle parking.
Construction is expected to be completed in 2024.