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

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.