Bank OZK funds $132.7M construction loan for Culver City mixed-use

Lincoln Property Company and McCourt Partners have secured $132.7 million in construction financing from Bank OZK for ElevenOneEleven, a 344-unit mixed-use project in Culver City, California, Commercial Observer reported.

The six-story building will include 52 affordable units, 2,000 square feet of retail and 17,520 square feet of publicly accessible outdoor space. It also has two floors of residential amenities and 500 parking spaces. It is planned for a 3.4-acre site at 11111 Jefferson Boulevard, near Downtown Culver City and Playa Vista. KFA Architecture is designing the project, and construction is expected to begin before the end of the year.

Fifty-two of the 344 units are designated affordable, about 15 percent of the residential count. That is half the roughly 30 percent set-aside at Fort Lauderdale's Arcadian, where Madison Realty Capital funded a $127 million take-out that Berkadia arranged.

Berkadia's Louis Friedel and Keith Rosso arranged the financing, and Friedel attributed the financing to the sponsorship's strength and the project's fundamentals. "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. He added that Los Angeles County apartment demand is projected to outpace deliveries and cited Culver City's employment base, connectivity and access to the Westside.

Bank OZK said it originated $38.75 billion in new commercial real estate loans in the five years ended June 30, an average of roughly $7.75 billion a year. In August, Bank OZK provided a $75.5 million OZK construction loan on the Merritt 7 office-to-apartment conversion in Norwalk, Connecticut.