GPI Secures $84M for West LA Housing Development
201-unit project will compliment GPI’s West End office campus
By Greg Cornfield March 15, 2023 5:55 pm
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Having secured $84 million in construction financing, GPI Companies is set to build a 201-unit housing development that will be integrated with its West End office campus in West Los Angeles.
JLL (JLL) announced and arranged floating-rate construction loan from Citizens. The six-story project named Overland & Ayres is expected to be complete in 2024 with all market-rate units, including 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes.
At 2455 Overland Avenue, just south of Pico Boulevard, the project will complement the 230,000-square-foot West End office campus near Interstates 405 and 10. The office was transformed from a former Macy’s store that was part of the defunct Westside Pavilion mall, which is also the site of a separate landmark office conversion for Google by Hudson Pacific Properties and Macerich.
JLL’s Kevin MacKenzie, Greg Brown, Jeff Sause, Sam Godfrey and Charlie Vorsheck led the financing effort for Overland & Ayres.
“We are proud to have been able to source a construction loan that satisfied our client’s needs despite economic headwinds and rising interest rates and look forward to seeing this beautiful project come to life,” Brown said in a statement.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
