LOS ANGELES — LaTerra Development has received $143.5 million in combined floating-rate bridge loans for two multifamily communities in the greater Los Angeles area. PGIM Real Estate, on behalf of its core-plus debt strategy, provided the financing. Jace Bertges led the PGIM Real Estate team in the financing. The borrower will use the bridge financing to take out the existing construction loans as it leases up and stabilizes the properties.
LaTerra, in joint partnership with Clarion Partners, received $90 million in financing for The Louise, a newly constructed apartment community along Hollywood Boulevard in the Los Feliz neighborhood of Los Angeles.
The Louise features 246 apartments in a mix of studio, one-, two- and three-bedroom units, a coworking lounge, 24-hour fitness center, an indoor/outdoor clubhouse, collaborative and private office space, as well as 20,487 square feet of retail space.
Rob Rubano, Brian Share, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the refinancing transaction.
PGIM also provided financing for The Charlie Santa Monica, a community with 99 units spread across three boutique-style buildings. The property offers 20,858 square feet of ground-floor retail space, open-air gathering spaces, fitness centers, resident clubhouses and rooftop decks at each building.