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
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.
Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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