Rendering of the project at 777 N. Front St. in Burbank.
LaTerra Development and development partner QuadReal Property Group have announced that they have signed a nearly $ 199 million home loan to develop their 573-unit residential development on the 777 N. Front St. Project in Burbank.
BMO Harris Bank provided the loan. Eastil Secured acted as financial advisor on behalf of the developers.
The previously announced Front Street project will consist of one to three bedroom studios and floor plans ranging from 499 to 1,545 square feet. Sixty-nine of the apartments will be set up as affordable housing units. Amenities include a fitness center, spa and pool, clubhouse, charging stations for electric vehicles, and integration of solar panels.
The project, which will also include a seven-story hotel with 307 keys, will be right in the heart of the Burbank Media Center.
Last month, LaTerra Development received permits to build its mixed-use Burbank Aero Crossings project at 2311 N. Hollywood Way – the longtime address of the now-defunct Fry’s Electronics in Burbank. This project will include 862 apartments, a restaurant on the ground floor and a five-story office building.
With an office vacancy of 8 percent in the third quarter, according to Colliers International, throughout the pandemic, Burbank has emerged as the hub of media and technology companies, including the Walt Disney Co. and Warner Bros. film studios, as well as various television and animated films, including Houses the new animation studio from Netflix Inc.
Large-scale, multi-family stores in Burbank have been rare in recent quarters. Earlier this month, Clarion Partners and Cityview announced the purchase of a 276-unit apartment building in Burbank for $ 161 million, or $ 583,333 per unit, to renovate the complex. The residential complex known as Empire Landing is located at 1901 N. Buena Vista St.
Also, the Skyview Terrace Apartments in Burbank sold for $ 15.5 million, or $ 442,857 per unit, in September. Located at 1301-1305 N. Hollywood Way, this complex has 35 apartments and amenities.