LaTerra Development Secures $198.5M Construction Loan For Multifamily Property At 777 N. Front St. In Burbank
FINANCED
$198,500,000
California
See Similar DealsMultiFamily508,000 SF
Financed 11/10/2021
FINANCED
LaTerra Development Secures $198.5M Construction Loan For Multifamily Property At 777 N. Front St. In Burbank
777 North Front Street, Burbank, CA, USA
See Similar DealsMultiFamily508,000 SF
Financed 11/10/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$390
Total Square Footage:508,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$198,500,000.00
Monthly NOI$1,323,333.33
Monthly Debt Service$1,254,655.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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