LaTerra Development and development partner QuadReal Property Group have announced the closing of a nearly $199 million construction loan toward the development of their 573-unit residential community at 777 N. Front St. project in Burbank.
BMO Harris Bank provided the loan. Eastil Secured served as the financial advisor on behalf of the developers.
The previously announced Front Street project will be comprised of studios and one- to three-bedroom floorplans ranging from 499 to 1,545 square feet. Sixty-nine of the apartments will be dedicated as affordable housing units. Amenities will include a fitness center, spa and pool, clubhouse, electric vehicle charging stations and solar panel integration.
The project, which will also include a seven-story, 307-key hotel, will stand right in the heart of Burbank Media Center.
Last month, LaTerra Development received approvals to create its mixed-use project Burbank Aero Crossings at 2311 N. Hollywood Way — the longtime address of the now-defunct Fry’s Electronics in Burbank. That project will see 862 apartments, ground-floor restaurant and a five-story office building.
With a third-quarter office vacancy of 8 percent, according to Colliers International data, Burbank has thrived throughout the pandemic as the center of media and tech companies, including movie studios Walt Disney Co. and Warner Bros., and various television networks and animation houses, including Netflix Inc.’s new animation studio.
Large-scale multifamily deals in Burbank have been scarce in recent quarters. Earlier this month, Clarion Partners and Cityview announced the acquisition of a 276-unit multifamily property in Burbank for $161 million, or $583,333 per unit, with an eye toward renovating the complex. Known as Empire Landing, the gated community is located at 1901 N. Buena Vista St.Â
Also, Skyview Terrace Apartments in Burbank sold in September for $15.5 million, or $442,857 per unit. That complex, located at 1301-1305 N. Hollywood Way, has 35 apartments plus amenities.