PGIM Real Estate provided a combined $143.5 million of floating-rate bridge loans to LaTerra Development, LLC for two newly constructed, Class A multifamily properties in greater Los Angeles: the 246-unit Louise Los Feliz and the 99-unit Charlie Santa Monica. The borrower will use the bridge financing to take out the existing construction loans while stabilizing the properties.
Jace Bertges, VP, financing at PGIM Real Estate, said The Louise and The Charlie are “extremely well-located, high-quality projects with strong demand drivers in high-barrier-to-entry markets. Our core plus lending strategy is well positioned to help meet the needs of borrowers, particularly on competitive apartment communities in lease-up.”
Chris Tourtellotte, managing director at LaTerra, added that the financing “allowed us to pull out cash equity at the refinancing and provide us term to stabilize both assets and secure longer-term permanent debt financing at a more ideal time in the capital markets environment.”
