Bank OZK Provides $117M Senior Loan for SoCal Multifamily Construction
The Latigo Group also secured $55 million from Affinius Capital, Commercial Observer reported earlier this week, and funds from Peakhill Equity Partners
By Nick Trombola June 24, 2025 4:45 pm
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A Los Angeles-based development and investment firm landed a nine-figure debt package for a multifamily development northwest of the Santa Monica Mountains, including well over $100 million from Bank OZK.
The Latigo Group (TLG) secured $182 million in construction financing and joint venture equity toward Hillcrest Apartments, a 333-unit project at 2150 West Hillcrest Drive in Thousand Oaks, Calif. Bank OZK, Affinius Capital and Peakhill Equity Partners provided the capital stack.
Bank OZK led the financing with a $117.2 million senior loan. Affinius provided TLG with $54.7 million in preferred equity, Commercial Observer reported earlier this week.
JLL’s Bercut Smith and Matt Benson arranged the financing. Once Hillcrest is fully built, Smith said, TLG will become the first developer in over two decades to complete multiple multifamily projects in Thousand Oaks with at least 100 units. Hillcrest is expected to span 395,000 square feet, including 5,700 square feet of ground-floor retail space.
“Despite there being limited capital flows to development projects right now, the market for senior financing and subordinate financing is very liquid, and select projects can garner interest from joint venture equity providers,” Smith said in a statement.
A representative for Bank OZK did not immediately respond to a request for comment. The Arkansas-based lender is one of the most active alternative financiers in some of the nation’s biggest commercial real estate markets, most notably on the East Coast.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
