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1633 Edgemont Street

Updated Dec 4, 2024

LaTerra Development And PGIM Real Estate Refinance Los Feliz And Santa Monica Properties For $143.5M
FINANCEDMultiFamily

LaTerra Development And PGIM Real Estate Refinance Los Feliz And Santa Monica Properties For $143.5M

1633 Edgemont Street

$143,500,000

Units

345

Asset Type

MultiFamily

Closing

Sep 26, 2023

About this deal

AI

LaTerra Development, led by Chris Tourtellotte as the landlord, has secured a refinancing loan of $143.5 million for two multifamily properties located in Los Feliz and Santa Monica. The lender for this transaction is PGIM Real Estate, represented by Jace Bertges. This loan will provide LaTerra Development with the necessary funds to refinance their properties, situated at 1633 Edgemont Street in Los Angeles. The multifamily property comprises 345 units, making it an enticing investment opportunity in the Los Angeles market.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $143,500,000
  • Address: 1633 Edgemont Street
  • Market: Los Angeles
  • Units: 345
  • Lender: PGIM Real Estate
  • LANDLORD: LaTerra Development
  • BROKERS: Rob Rubano & Brian Share - Cushman & Wakefield

Rob Rubano and Brian Share from Cushman & Wakefield served as the brokers in this transaction, facilitating the refinancing on behalf of LaTerra Development. The collaboration between LaTerra Development, PGIM Real Estate, and the brokerage team demonstrates the strategic approach taken to secure the $143.5 million refinancing loan.

On the Map

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$143,500,000

MultiFamily

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Players

Brian Share

Cushman & Wakefield

Broker

$3.8B

vol

24 deals

Broker
PGIM
PGIM Lender
Chris Tourtellotte

Chris Tourtellotte

LaTerra Development

Landlord

$946.9M

vol

8 deals

Landlord
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Los Angeles MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $415.9K per unit across 345 units on a published $143.5M (2023).

Visit Robert (Rob) Rubano to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.11%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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