A joint venture between Lincoln Property Company and McCourt Partners has secured $132.7 million in construction loan financing from Bank OZK. These funds are designated for the realisation of a mixed-use project in Culver City, California, which will comprise 344 residential units.
The planned six-storey building, known as "ElevenOneEleven", will include 52 affordable housing units in addition to the residential units. Furthermore, 2,000 square feet of retail space and 17,520 square feet of publicly accessible outdoor areas are planned. The project will also feature two floors with extensive amenities for residents and 500 parking spaces.
Project Location and Architectural Concept
The project's design is by KFA Architecture. It will be built on a 3.4-hectare plot at 11111 Jefferson Boulevard, near Downtown Culver City and Playa Vista in neighbouring Los Angeles. Construction is expected to commence before the end of the year.
The financing was arranged by Louis Friedel and Keith Rosso of Berkadia, acting on behalf of the developers. This transaction adds another significant construction loan in Southern California to Bank OZK's portfolio. The bank stated that it had provided a total of $38.75 billion in new commercial real estate loans in the five years up to 30 June.
Market Conditions and Project Advantages
Louis Friedel commented on the financing by stating that securing a construction loan in the current environment underscores the strength of the sponsorship and the fundamental aspects of this project. He highlighted that Los Angeles County continues to add new housing at a relatively moderate pace, while demand is expected to exceed the units completed.
Culver City is particularly well-positioned, as the city has a solid employment base, good connectivity, and direct access to the Westside.
- —Project Name: ElevenOneEleven
- —Address: 11111 Jefferson Boulevard, Culver City, California
- —Number of Residential Units: 344 (52 of which are affordable)
- —Retail Space: 2,000 square feet
