
Bellwether Closes $127M Refi for Newly-Built Burbank MF
Bellwether Enterprise Real Estate Capital LLC closed a $126.5-million loan to refinance Talaria at Burbank, a recently-completed mixed-use apartment and retail property at 3401-3425 W. Olive Avenue in Burbank, CA. The first LEED-certified residential building in Burbank, it was completed in February 2019 and contains 241 luxury apartments spread across four stories, plus a Whole Foods on the ground floor.
Bellwether Enterprise’s Tom Kenny arranged the loan with PGIM, on behalf of Cusumano Real Estate Group. The structure enabled the borrower to lock in a long-term fixed rate, non-recourse loan prior to lease-up, and included recouping a significant amount of equity at closing. The 10-year loan included seven years of interest-only payments.
Amenities include a resort-style pool, Jacuzzi, common space, fitness club, screening room, rooftop bar and lounge, a business center, 24-hour concierge services, electronic vehicle charging stations, and a bicycle repair shop.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing