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Ryan Burton & Meg Spriggs Of Lendlease Secure $316M Loan For Habitat Development In Culver City
FINANCED
$316,000,000
California
See Similar DealsDevelopment Site
Financed 08/28/2024
FINANCED
Ryan Burton & Meg Spriggs Of Lendlease Secure $316M Loan For Habitat Development In Culver City
3401 South La Cienega Boulevard
See Similar DealsDevelopment Site
Financed 08/28/2024
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$316,000,000.00
Monthly NOI$2,106,666.67
Monthly Debt Service$1,997,334.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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