Updated Oct 28, 2024
Hankey Capital Provides $48.5M Bridge Loan For Mixed-Use Property In Burbank
2311 N Hollywood Way, Burbank, CA 91505
$48,500,000
$48/SF
Building Size
1,000,000 SF
Asset Type
Mixed-use
Closing
Mar 9, 2022
About this deal
AI
LaTerra Development and Chris Tourtellotte have finalized a closed transaction involving a mixed-use property located at 2311 N. Hollywood Way, Burbank. The property spans approximately 1,000,000 square feet and is situated in the Burbank market.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $48,500,000
- Loan Type: Bridge Loan
- Loan Terms: Non-Recourse
- Lender: Hankey Capital - Priyesh Bhakta
- Landlord: LaTerra Development - Chris Tourtellotte
Hankey Capital, represented by Priyesh Bhakta, provided a bridge loan with a non-recourse loan structure to facilitate the transaction. LaTerra Development, led by Chris Tourtellotte, acted as the landlord in this closed deal.
On the Map
$48,500,000
$48/SF
Mixed-use
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Players
Burbank Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93