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10/09/23
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A joint venture of LaTerra Development and Clarion Partners has secured $90 mil in refinance money for The Louise, a newly constructed, upscale multifamily mixed-use property in L.A.’s Los Feliz neighborhood. The project, featuring 246 residential units and 20.5k sf of ground floor retail space, is situated along Hollywood Blvd directly connected to Barnsdall Art Park, one of Los Angeles’ premier parks.
Boasting coveted frontage along Los Angeles’ iconic Hollywood Boulevard, The Louise features two newly constructed mid-rise multifamily buildings that set the standard for modern, upscale residential living. Furthermore, located at the nexus of Hollywood and Silver Lake, Los Feliz is one of Los Angeles’ hippest and most walkable neighborhoods offering residents an upscale yet eclectic mix of artistic and creative establishments, exclusive retail boutiques, unique coffee shops, and trendy bars and restaurants. The property is walkable to countless lifestyle retail amenities and nearby world-class medical campuses, and is also a few blocks from Hollywood, the entertainment and content creation capital of the world.
The unit mix at the project consists of studio, one-bedroom, two-bedroom and three-bedroom residences featuring spacious, open concept interiors with abundant natural light and modern finishes designed to appeal to upscale contemporary renters and their lifestyles. Amenities include a beautiful co-working lounge, 24-hour fitness center, vibrant indoor / outdoor clubhouse, collaborative and private office space.
The Louise is notably one of Los Angeles’ only wood frame buildings that features a rooftop pool and has a magnificent rooftop deck with sweeping views of the adjacent Barnsdall Art Park, Hollywood Sign and Griffith Observatory.
A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Max Schafer, and Becca Tse represented the borrower in the transaction. The loan was provided by PGIM Real Estate, on behalf of its core plus debt strategy. The PGIM Real Estate team was led by Vice President Jace Bertges.
"This was a very competitive financing process,” said Brian Share, Executive Managing Director, EDSF. “Debt capital has become harder to access as the year has progressed, but lenders were attracted to The Louise for its quality design and amenity offerings, prime location, proximate demand drivers, and top tier sponsorship. We were able to generate a deep field of lenders quoting competitive pricing and proceeds that allowed the borrower to take out its construction loan, return equity, and provided the flexibility and duration needed to execute its business plan.”
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