Bank OZK Provides $133M Construction Loan for Culver City, Calif., Mixed-Use Project

The development firms behind a 344-unit mixed-use project set for Culver City, Calif., have secured $132.7 million in construction financing from Bank OZK.

A joint venture of Lincoln Property Company and McCourt Partners said it will use the loan to build the six-story project, which will include 52 affordable units as well as 2,000 square feet of retail and 17,520 square feet of publicly accessible outdoor space. It will also include two floors of residential amenities and 500 parking spaces. 

KFA Architecture is designing the project, called ElevenOneEleven, that will rise on a 3.4-acre site at 11111 Jefferson Boulevard, near Downtown Culver City and Playa Vista in neighboring L.A. Construction is expected to begin before the end of the year.

Berkadia’s Louis Friedel and Keith Rosso arranged the financing on behalf of the developers. 

The financing adds another sizable Southern California construction loan to Bank OZK’s stable. The lender said it originated $38.75 billion in new commercial real estate loans in total during the five years ended June 30.

“Securing construction financing in today’s environment speaks to the strength of the sponsorship and the fundamentals behind this project,” Friedel said in a statement. “Los Angeles County continues to add new apartment supply at a relatively measured pace, while demand is projected to outpace deliveries. Culver City is particularly well positioned, with a deep employment base, strong connectivity and immediate access to the Westside.”

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.