Tom Kenny Of Bellwether Enterprise Arranges $126.5M Loan For Talaria At Burbank

The property involved in the transaction is the Talaria at Burbank, a multifamily asset located at 3401-3425 W. Olive Ave in Burbank, CA. The property comprises 241 luxury units, a ground-floor Whole Foods Market, and subterranean parking. Standing at four stories tall, the complex offers a mix of one-, two-, and three-bedroom floor plans along with two penthouse units. Amenities include a resort-style pool, fitness club, rooftop bar and lounge, business center, bicycle repair shop, electronic vehicle charging stations, and 24-hour concierge services.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $126,500,000.00
• Market: Burbank
• Borrower's Rep: Tom Kenny(Bellwether Enterprise (BWE))
• Lender: PGIM

Tom Kenny of Bellwether Enterprise represented the borrower, Cusumano Real Estate Group, in securing a 10-year loan for the refinancing of Talaria at Burbank. The structure of the loan allowed the borrower to lock in a long-term, fixed-rate financing prior to lease-up, enabling them to recoup a significant amount of equity at closing. The financing was provided by PGIM Real Estate Finance. The development of the mixed-use complex spanned two decades due to modifications required to address traffic and environmental concerns in Burbank's Media District. Despite these challenges, the project was finally approved by the Burbank City Council in 2014.