LaTerra Development And QuadReal Secure $198.5 Million Construction Loan For Burbank CA Apartment Project
LOS ANGELES and VANCOUVER, BC, Nov. 11, 2021 /PRNewswire/ -- LaTerra Development, a Los Angeles-based developer, together with QuadReal Property Group, a global real estate company, announced the closing of a $198.5 million construction loan for the development of 573 apartment homes (69 of which are affordable housing units) adjacent to a transit stop in downtown Burbank, CA at 777 N Front Street. BMO Harris Bank, Administrative Agent, and Citizens, Joint Lead Arranger, provided the construction financing.
Burbank is a jobs-rich, housing-starved market. Only one apartment project has been built in Burbank in over 20 years. At the same time, Burbank touts the lowest office vacancy rate of any city in the United States at less than 5%. Burbank, known as the "media capital of the world," is home to leading media companies such as Disney, Nickelodeon, Cartoon Network, and Warner Brothers. Netflix recently signed a 171,000 square foot lease near the 777 N Front Street property to add to its existing and growing presence in the neighborhood. With an abundance of jobs but a dearth of housing, Burbank has the highest jobs to housing ratio of any city in California.
"LaTerra, QuadReal, BMO Harris Bank, and Citizens comprise a premier partnership well suited for a project of this magnitude in such an exemplary location," said Chris Tourtellotte, Managing Director for LaTerra Development.
Consistent with LaTerra and QuadReal's objectives of building sustainable and green communities, the project will include features such as electric vehicle charging stations, solar panel integration, and LEED Gold certification.
Eastdil Secured acted as exclusive financial advisor on behalf of LaTerra and QuadReal in connection with the construction loan.
About LaTerra Development, LLC.
LaTerra is a market leading, fully integrated real estate investment and development company headquartered in Los Angeles, CA
LaTerra and its general contractor affiliate, LT Building Corp., are developing and constructing mixed use projects, with more than 3,000 multifamily units and over 250,000 square feet of premium commercial space. The estimated value of LaTerra's current projects at completion exceeds $2.5 billion.
LaTerra favors designs incorporating green building practices and sustainable materials by continuously seeking and implementing the latest in available technologies - cleaner and more efficient buildings, better sound attenuation, smart homes and services. As proud stewards of this planet, LaTerra is guided by the belief that growing better is more important than growing bigger.
LaTerra's mission is to create innovative designs infusing new energy and capital into neighborhood communities while remaining consistent with local values. This mission is engrained in and reflected by the company's daily operating culture. By prioritizing the enrichment of people and relationships, LaTerra produces winning results for its residents, tenants, employees and investors.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $61.2 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
CONTACT: Barbara Casey 310.990-0750
SOURCE LaTerra Development, LLC.
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