Clarion Partners JV Lands $90M for LA Luxury Community
PGIM Real Estate provided the financing on behalf of its core plus debt strategy.
The developers broke ground on The Louise in June 2019. Image courtesy of Cushman & Wakefield.
A joint venture between LaTerra Development and Clarion Partners has secured a $90 million loan for The Louise, a 246-unit luxury community in Los Angeles. PGIM Real Estate provided the financing on behalf of its core plus debt strategy. Cushman & Wakefield served as advisor for the borrower.
The partnership used the proceeds to take out the existing construction loan and return equity, said Brian Share, executive managing director at Cushman & Wakefield Equity, Debt & Structured Finance, in prepared remarks. According to Yardi Matrix information, JPMorgan Chase had provided the developers with $44.2 million in 2018.
Share worked together with Executive Managing Director Rob Rubano, CEO Max Schafer and Associate Becca Tse in securing the financing. The PGIM team was led by Vice President Jace Bertges.
PGIM also recently provided $115 million for the refinancing of another Los Angeles community. The 405-unit property was 93.4 percent occupied at the time of the loan’s closing.
A luxury community close to Hollywood
The joint venture broke ground on The Louise in June 2019. The newly constructed community includes studio, one-, two- and three-bedroom floorplans, ranging from 507 to 1,436 square feet, as well as some 20,000 square feet of retail space.
Amenities at the 2.4-acre property feature a fitness center, a clubhouse, coworking space, a business center and two swimming pools. The community also encompasses more than 160 parking spaces.
The two five- and six-story buildings rise at 1633 N. Edgemont St. along the Hollywood Boulevard, in the Los Feliz neighborhood. The Louise is within walking distance of Barnsdall Art Park and Kaiser Permanente General Hospital. Hollywood and Griffith Park are within a 3-mile radius.
