Funding has been secured for an apartments project in Burbank, California as announced by LaTerra Development. The firm worked with QuadReal Property Group to close a construction loan of US$198.5 million supplied by BMO Harris Bank, Administrative Agent, and Citizens, Joint Lead Arranger. The funding will be utilized to build a 573-unit apartment building (69 of which will be affordable housing units) at 777 N Front Street in downtown Burbank, CA.
Details on the LaTerra Burbank apartments project
LaTerra purchased the complex’s property in June of last year for US$40 million as part of a US$250 million plan to create multifamily complexes around Los Angeles. The apartments, as well as a 307-room hotel, about 1,100 square feet of retail space, and 28,000 square feet of public park space, were authorized by the Burbank City Council. According to Yardi Matrix, LaTerra Select Burbank will include LEED Gold-certified studios and one- to three-bedroom floorplans ranging in size from 499 to 1,454 square feet. Sixty-nine of the apartments will be affordable housing units, complete with washers and dryers. The seven and eight-story communities’ amenities will include a fitness center, business center, clubhouse, spa, and pool. There will also be covered parking, electric car charging stations, and solar panel integration.
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“LaTerra, QuadReal, BMO Harris Bank, and Citizens form a superior alliance perfectly suited for a project of this size in such an outstanding location,” stated Chris Tourtellotte, Managing Director for LaTerra Development. LaTerra prioritizes designs that incorporate green building techniques and sustainable materials by always exploring and applying the most recent in accessible technology – cleaner and more efficient structures, greater sound attenuation, smart homes, and services. LaTerra and its general contractor company, LT Building Corp., are planning and building mixed-use projects that include approximately 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.
