Bellwether Enterprise Arranges $126.5M Refinancing for Newly Completed Apartment Complex Near Los Angeles
BURBANK, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged a $126.5 million loan for the refinancing of Talaria at Burbank in Los Angeles County. Completed in February, the apartment community is home to 241 luxury units, a ground-floor Whole Foods Market and subterranean parking.
The four-story property is located at 3401-3425 W. Olive Ave. across the street from NBC, ABC, Warner Bros. and other major film/television studios. The complex features a mix of one-, two- and three-bedroom floor plans as well as two penthouse units. VTBS Architecture designed the project.
Amenities at Talaria at Burbank include a resort-style pool, fitness club, rooftop bar and lounge, business center, bicycle repair shop, electronic vehicle charging stations and 24-hour concierge services. The 42,000-square-foot Whole Foods Market also features a restaurant and pub.
Tom Kenny of Bellwether Enterprise arranged the 10-year loan on behalf of the borrower, Cusumano Real Estate Group. The structure enabled the borrower to lock in a long-term, fixed-rate loan prior to lease-up and included recouping a significant amount of equity at closing, according to Bellwether Enterprise. PGIM Real Estate Finance provided the funds.
The mixed-use complex is somewhat infamous in the area for taking nearly 20 years to develop despite its prime location in the heart of the Media District. Developers had to adjust the plans to better mitigate traffic and environmental concerns, with the city adding its own infrastructure projects to ease traffic. When the Burbank City Council finally approved the project in 2014 it was over the strong objections of then-Mayor David Gordon, who told the council “All of you have dropped the ball,” according to the Los Angeles Times.
Cusumano Real Estate Group is a full-service property management firm based in Burbank. Bellwether Enterprise is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc.
— Kristin Hiller