PGIM Real Estate has recently provided a total of $143.5 million in floating-rate bridge loans to LaTerra Development, LLC for two newly constructed Class A multifamily properties located in the highly desirable greater Los Angeles area. The financing will be used by the borrower to pay off existing construction loans while stabilizing both properties.
According to Jace Bertges, Vice President of Financing at PGIM Real Estate, The Louise and The Charlie are exceptional projects situated in prime locations with strong demand drivers within competitive markets that have high barriers-to-entry. He also mentioned that their core plus lending strategy is well-suited for assisting borrowers with securing financing for lease-up apartment communities.
Chris Tourtellotte, Managing Director at LaTerra Development expressed his appreciation for the funding stating that it allowed them to extract cash equity during refinancing and gave them time to stabilize both assets before securing long-term permanent debt financing when market conditions were more favorable.
This recent development showcases PGIM Real Estate’s commitment towards providing expert financial solutions tailored specifically towards meeting borrowers’ needs within competitive real estate markets.
