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Worthe, Stockbridge close deal for Warner Bros. Ranch with $480M loan
Athene provides financing for $175M acquisition and redevelopment
Worthe Real Estate Group and investment firm Stockbridge have closed their acquisition of the Warner Bros. Ranch in Burbank and a hefty loan to go with it.
The duo bought the 30-acre lot at 411 North Hollywood Way for $175 million, or about $5.8 million per acre, according to property records filed with L.A. County. The deal closed on Aug. 23.
Athene Annuity and Life Company, owned by private equity firm Apollo Global Management, handed out a $480 million loan in connection with the purchase, records show. Terms of the financing were not disclosed.
The financing will also go towards redeveloping the property, Jeff Worthe confirmed in an email.
Apollo, through a Cayman Islands subsidiary, also provided a mezzanine loan on the deal, according to records, though the amount was not disclosed. Athene did not respond to a request for comment.
Warner Bros. Entertainment sold the site, which has long served as a sprawling set for a number of films and television shows. In 2021, Worthe and Stockbridge announced the firms would redevelop the property, adding 16 soundstages and a 320,000-square-foot office complex.
As part of the deal, Warner Bros. has agreed to lease back the new office complex and occupy the firms’ 800,000-square-foot Burbank Studios complex nearby at 3000 West Alameda Avenue.