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, high-end multifamily properties located in the greater Los Angeles area: Louise Los Feliz with 246 units and Charlie Santa Monica with 99 units. These Class A properties have been strategically chosen due to their prime locations and strong demand drivers within highly competitive markets. Jace Bertges, VP of financing at PGIM Real Estate, expressed confidence in the success of this investment as it aligns with their core plus lending strategy that caters to borrowers seeking funding for lease-up apartment communities.
Accordingly, Chris Tourtellotte, managing director at LaTerra Development stated that this financing opportunity not only allowed them to refinance existing construction loans but also provided them with sufficient time and resources to stabilize both assets before securing long-term permanent debt financing when market conditions are more favorable. This recent development marks a significant milestone for LaTerra as they continue on their path towards growth and expansion without any mention or reference made towards specific organizations or platforms such as Connect CRE or Connect LA/Texas.
