PGIM inks $127M mortgage for Burbank mixed-use complex near Warner Bros. Studios

Cusumano completed the Talaria at Burbank in February after many years in development

Jul.July 17, 2019 11:00 AM
Bellwether Enterprise Real Etate Executive Vice President Tom Kenny and Talaria at Burbank
Bellwether Enterprise Real Etate Executive Vice President Tom Kenny and Talaria at Burbank

UPDATED, July 22, 12:52 p.m.: PGIM has extended a 10-year $126.5 million mortgage to Cusumano Real Estate Group for a recently completed 241-unit mixed-use complex in Burbank.

The local firm completed the four-story Talaria at Burbank complex in February and opened it in May. The property is just outside Warner Bros.’ studio campus at 4301-4325 W. Olive Avenue.

The complex includes a Whole Foods grocery store and a restaurant on the ground floor and mostly one- and two-bedroom units above. The complex was in development for nearly two decades, according to the San Fernando Valley Business Journal.

It’s Burbank’s only LEED-certified residential building, according to a press release from Bellwether Enterprise, a Cleveland-based commercial mortgage firm that arranged the deal with PGIM.
Bellwether expanded to L.A. and San Diego in 2017. In March, the firm advised on refi deals for two Arts District properties owned by investor Daryoush Dayan.

PGIM is a subsidiary of Prudential Financial and is highly active in L.A. as an investor, particularly in the industrial sector. Its last big investment play was January’s acquisition of a Chatsworth manufacturing plant for $37 million. The investment was made in partnership with Xebec Realty Partners.

In November, PGIM sold a Huntington Beach office campus Ares Management for $124.5 million.

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