A joint venture of Century City-based LaTerra Development and New York-based Clarion Partners has received $90 million in financing for The Louise, a mixed-use project in Los Feliz. The newly constructed project has 246 residential units and 20,487 square feet of ground-floor retail.
When the site was acquired, it was an old retail center that had high-density residential zoning.
The loan for the property was given by PGIM Real Estate, the global asset-management business of Prudential Financial Inc.
Cushman & Wakefield’s Rob Rubano, Brian Share, Max Schafer and Becca Tse represented the borrower in the refinancing transaction.
“Multifamily remains one of the most preferred asset classes for institutional debt capital and continues to be a huge focus of our L.A.-based debt team nationally,” Rubano said in a statement. “We are very happy with the outcome of this financing. It’s a testament to the vision and execution by LaTerra and Clarion, who have built a phenomenal asset that’s well on its way to stabilization.”
The property has a mix of studio, one-bedroom, two-bedroom and three-bedroom units. Its amenities include a coworking lounge, a rooftop pool, a 24-hour fitness center, a clubhouse and private office space.
“This was a very competitive financing process,” Share said in a statement. “Debt capital has become harder to access as the year has progressed, but lenders were attracted to The Louise for its quality design and amenity offerings, prime location, proximate demand drivers, and top-tier sponsorship. We were able to generate a deep field of lenders quoting competitive pricing and proceeds that allowed the borrower to take out its construction loan, return equity, and provided the flexibility and duration needed to execute its business plan.”
LaTerra Development has other projects in the works in Los Angeles County, including Burbank Aero Crossings, which when completed will have 862 apartments, 151,000 square feet of office space and 9,700 square feet of retail; LaTerra Select West Hollywood, which will have 71 apartment units when completed; The Landing, Palmdale, which will have 344 apartment units when completed; and a number of storage facilities.
