Funding was secured for an apartment project in Burbank, Calif., As announced by LaTerra development. The company worked with QuadReal Property Group to secure a US $ 198.5 million construction loan from BMO Harris Bank, administrative agent, and Citizens, lead co-arranger. The funding will be used to construct a 573-unit apartment building (including 69 affordable units) at 777 N Front Street in downtown Burbank, California.
LaTerra Burbank Apartment Project Details
LaTerra bought the resort property in June last year for US $ 40 million as part of a US $ 250 million plan to create multi-family complexes around Los Angeles. The apartments, along with a 307-room hotel, approximately 1,100 square feet of retail space and 28,000 square feet of public park space, have been approved by Burbank City Council. According to Yardi Matrix, LaTerra Select Burbank will feature LEED Gold certified studios and one to three bedroom floor plans ranging in size from 499 to 1,454 square feet. Sixty-nine of the apartments will be affordable units, equipped with washers and dryers. Amenities for the seven- and eight-story communities will include a fitness center, business center, clubhouse, spa, and swimming pool. There will also be covered parking, charging stations for electric cars and integration of solar panels.
Also read: Plans for Shore House at Hotel del Coronado Revealed, California
“LaTerra, QuadReal, BMO Harris Bank and Citizens form a superior alliance perfectly suited to a project of this size in such an exceptional location,” said Chris Tourtellotte, Managing Director of LaTerra Development. LaTerra prioritizes designs that incorporate green building techniques and sustainable materials by always exploring and applying the latest accessible technologies: cleaner and more efficient structures, better sound attenuation, smart homes and services. . LaTerra and its general contractor company, LT Building Corp., plan and build mixed-use projects that include approximately 3,000 multi-family units and over 250,000 square feet of high-end commercial space. The estimated value of LaTerra’s current projects upon completion exceeds $ 2.5 billion.
If you have a remark or more information about this post, please share with us in the comments section below.