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LaTerra Development and QuadReal Property Group to Develop 573-Unit Apartment Project in Downtown Burbank

11/15/21

LaTerra Development, a Los Angeles-based developer, together with QuadReal Property Group, a global real estate company based in Vancouver, have secured a $198.5 mil construction loan for the development of 573 apartment homes in Burbank. The project, which includes 69 affordable housing units, is located adjacent to a transit stop at 777 N. Front St, in the city’s downtown.

Consistent with LaTerra and QuadReal’s objectives of building sustainable and green communities, the project will include features such as electric vehicle charging stations, solar panel integration, and LEED Gold certification.

Burbank is a jobs-rich, housing-starved market. Only one apartment project has been built in Burbank in over 20 years. At the same time, Burbank touts the lowest office vacancy rate of any city in the United States at less than 5%.

Burbank, known as the “media capital of the world,” is home to leading media companies such as Disney, Nickelodeon, Cartoon Network, and Warner Brothers. Netflix recently signed a 171k sf lease near the 777 N Front Street property to add to its existing and growing presence in the neighborhood. With an abundance of jobs but a dearth of housing, Burbank has the highest jobs to housing ratio of any city in California.

Eastdil Secured acted as exclusive financial advisor on behalf of LaTerra and QuadReal in connection with the construction loan. BMO Harris Bank, Administrative Agent, and Citizens, Joint Lead Arranger, provided the construction financing.




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