Wells Fargo Leads $240M Construction Financing for Onni Apartment Tower in L.A.
By Greg Cornfield August 20, 2024 3:10 pm
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A Canadian development firm with a major presence in Los Angeles has locked in new financing for what will be one of the city’s tallest apartment buildings.
A group of lenders led by Wells Fargo (WFC) provided $240 million in construction financing for Onni Group’s 54-story development that is adding 685 apartments, records show.
The project at 230 West Olympic Boulevard and 1000 South Hill Street will also include 15,000 square feet of commercial space, according to reports.
Neither Onni Group nor Wells Fargo returned requests for comment. The Real Deal first reported the news of the financing.
Onni bought the site for $18.5 million in 2017, records show.
In addition to its existing portfolio downtown, Onni is building the 1,130-unit Times Mirror Square project at the former Los Angeles Times building across from City Hall. The company also has sizable residential, office and hotel projects set to rise throughout Hollywood and Greater L.A.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
