Culver City Mixed-Use Project Gets $132.7M Loan

A substantial construction loan totaling $132.7 million has been finalized for a significant mixed-use development in Culver City, California. The financing, provided by Bank OZK, will fuel the development of the ElevenOneEleven project, situated at 11111 Jefferson Boulevard. This infusion of capital signals robust lender confidence in the Los Angeles submarket's potential for well-executed urban infill projects.

The ambitious ElevenOneEleven development, a joint venture between Lincoln Property Company and McCourt Partners, is slated to introduce 344 new residential units to the area. A key component of the project's design is its commitment to affordability, with 52 of these units designated as affordable housing. This initiative directly addresses the pressing need for diverse housing options within the region, aligning with broader urban development goals.

Beyond its residential offerings, the project is designed to be a community hub, incorporating 2,000 square feet of retail space intended to serve local residents and visitors. Furthermore, the development will feature an expansive 17,520 square feet of publicly accessible outdoor area, enhancing the urban fabric and providing valuable community amenities. The commencement of construction is anticipated for the fourth quarter of 2026.

The successful arrangement of this financing was facilitated by Lou Friedel and Keith Rosso, Senior Managing Directors at Berkadia Los Angeles, who represented the project sponsors. Their expertise in navigating complex real estate debt markets was instrumental in securing this significant funding package from Bank OZK.

This development arrives at a time when the demand for high-quality, mixed-use properties in desirable urban locations continues to grow. The Los Angeles multifamily market, in particular, has shown resilience, driven by population growth and a persistent housing deficit. Projects like ElevenOneEleven, which blend residential, retail, and public spaces, are increasingly favored by both developers and lenders for their potential to generate diversified revenue streams and create vibrant community environments.

The inclusion of affordable housing units within the project is a noteworthy aspect, reflecting a growing trend in private real estate development to incorporate social impact alongside financial returns. This approach can often unlock additional incentives and streamline the approval process, while also contributing positively to the community's social infrastructure. The successful delivery of ElevenOneEleven is expected to bolster Culver City's housing stock and enhance its commercial appeal.