Updated Dec 4, 2024
Ryan Burton & Meg Spriggs Of Lendlease Secure $316M Loan For Habitat Development In Culver City
3401 South La Cienega Boulevard
$316,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 28, 2024
About this deal
AI
A development site located at 3401 South La Cienega Boulevard in Los Angeles has secured a construction loan amounting to $316 million. The site is aimed at facilitating the completion of Habitat, a mixed-use development spanning 454,000 square feet, which is designed to achieve net-zero carbon emissions.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $316,000,000
- Asset Size: 454,000 BSF
- Lender: Barings & Counterpointe Sustainable Real Estate
- Landlord: Ryan Burton & Meg Spriggs - Lendlease ; Aware Super
The project features a combination of office space, luxury apartments, and retail components, reflecting the increasing investor confidence in sustainable real estate despite the prevailing tight capital market.
On the Map
$316,000,000
Development Site
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Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93