LaTerra Development, QuadReal secure $198m construction loan for apartment project

LaTerra Development, with QuadReal Property Group, has closed on a $198.5 million construction loan for the development of 573 apartment homes (69 of which are affordable housing units) adjacent to a transit stop in downtown Burbank, Calif., at 777 N Front Street.

Burbank is a jobs-rich, housing-starved market. Only one apartment project has been built in Burbank in more than 20 years. At the same time, Burbank touts the lowest office vacancy rate of any city in the United States, at less than 5 percent. 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 171,000-square-foot 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.