LaTerra Development Secures $198.5M Construction Loan For Multifamily Property At 777 N. Front St. In Burbank
777 North Front Street, Burbank, CA, USA
$198,500,000
$390/SF
Building Size
508,000 SF
Asset Type
MultiFamily
Closing
Nov 9, 2021
AI
LaTerra Development has secured a construction loan for a multifamily property located at 777 N. Front Street in Burbank. The loan, provided by BMO Harris & citizens''>Citizens, totals $198,500,000. The property spans approximately 508,000 square feet and consists of 573 units. The transaction was facilitated by Eastdil.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $198,500,000
- Address: 777 N. Front Street
- Market: Burbank
Chris Tourtellotte, representing LaTerra Development, played a key role in securing the loan for the property. The lender, BMO Harris & Citizens, provided the necessary financing for the construction project. The involvement of Eastdil as a broker further facilitated the transaction.
Players
Burbank MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93