LaTerra and QuadReal Property Close $199M Construction Loan

Burbank is a jobs-rich yet housing-starved market with the highest jobs-to-housing ratio of any city in California. In fact, only one apartment project has been built in Burbank in more than 20 years.

Los Angeles-based LaTerra Development together with QuadReal Property Group recently closed 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 at 777 N. Front St. BMO Harris Bank, administrative agent, and Citizens, joint lead arranger, provided the construction financing.

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 adviser on behalf of LaTerra and QuadReal in connection with the construction loan.

At the same time, Burbank touts the lowest office vacancy rate of any U.S. city at less than 5 percent. Burbank, known as the media capital of the world, is home to companies such as Disney, Nickelodeon, Cartoon Network and Warner Brothers. Netflix recently signed a 171,000-square-foot lease near the 777 N. Front property to add to its existing and growing presence in the neighborhood.