Los Angeles-based LaTerra Development and QuadReal Property Group, a global real estate company, say they have closed a $198.5 million construction loan to develop 573 apartment homes (69 of which are affordable housing units) in downtown Burbank.
BMO Harris Bank and Citizens provided the construction financing for the project at 777 N. Front St.
“LaTerra, QuadReal, BMO Harris Bank, and Citizens comprise a premier partnership well suited for a project of this magnitude in such an exemplary location,” LaTerra Development managing director Chris Tourtellotte said in a Nov. 11 statement.
The developers say the project will include electric vehicle charging stations, solar panel integration, and LEED Gold certification.
LaTerra and its general contractor affiliate, LT Building Corp., are developing and constructing mixed use projects, with more than 3,000 multifamily units and over 250,000 square feet of premium commercial space. The estimated value of LaTerra’s current projects at completion exceeds $2.5 billion.
