PacTen Nabs $24M in Foreign JV Equity for LA Residential Condo Project
PacTen Partners has secured $24 million in joint venture equity from an overseas capital provider to help fund the construction of its planned residential condominium, Eleven Fifty Wilshire, near Downtown Los Angeles, according to information from brokerage JLL, which arranged the investment.
The equity — which was provided by international capital sources — will help facilitate the construction of the 13-story, 140-unit condo located at 1150 West Wilshire Boulevard in the Westlake South neighborhood of Los Angeles.
Officials at JLL declined to provide more information on the equity investors. PacTen could not be reached.
Newport Beach, Calif.-based developer PacTen is planning to start construction in the third quarter of this year, with a plan to complete the project by the second quarter of 2022.
A JLL Capital Markets team of Zane Sweet, Reid McGlamery and Chris Casey arranged the financing on behalf of the developer.
“Eleven Fifty is a truly transformative transit-oriented development in a submarket experiencing rapid growth. The value proposition of the project will offer attractively priced permanent housing solutions to residents seeking an easy commute to their employer, and providing immediate access to numerous dining, entertainment and other retail services,” Sweet said in prepared remarks. “The opportunity to invest in a residential development of this scale along Wilshire Boulevard in Downtown Los Angeles provided the investor a high-visibility project in the Southern California market.”
PacTen filed plans for the development in February 2018, which included just over 9,000 square feet of ground-level commercial space and 257 covered parking spaces. The plans also included the demolition of two existing office properties and the retention of one 11,000-square-foot property on the site.
The building itself was designed by global architecture firm KTGY Architects, while the landscapes were done by Southern California-based EPT Design.