California Landmark Wraps Up Los Angeles Community
City National Bank originated the $31.1 million construction loan.

California Landmark Group has completed M1byCLG, a 100-unit community in Los Angeles. City National Bank provided $30.1 million in construction financing, Yardi Matrix data shows. The development team also included PK Architecture.
Adhering to Los Angeles’s Transit Oriented Communities guidelines—M1 has 10 units reserved for extremely low-income residents—CLG was able to receive a permit allowing the construction of a larger building, outside of the regular zoning rules, according to Urbanize LA.
Rising six stories, M1 features studio, one- to three-bedroom floorplans ranging from 510 to 1,210 square feet. Co-living is also available, with bedrooms ranging between 157 and 308 square feet in four- to six-bedroom apartments.
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Units include floor-to-ceiling windows, stone countertops, stainless steel appliances and private patios, as well as walk-in showers. Community amenities feature a gym, a coworking space, a rooftop deck with swimming pool and spa, but also barbecues.
Located at 1221 Myra Ave., the community is 2 miles north of U.S. Route 101 and roughly 1 mile west of Silver Lake Reservoir, as well as 3 miles southeast of Griffith Observatory. M1 has a walking score of 92, with Sunset Junction—the intersection between two of Los Angeles’ largest streets—being a seven-minute walk away. The Vermont/Sunset Metro B Line station is 1 mile away.
Multifamily Los Angeles deliveries
A recent Yardi Matrix report reveals that developers brought online 11,121 units in Greater Los Angeles throughout 2023—a 13.9 percent increase year-over-year. Roughly 6,182 units are forecasted to be brought online this year, a downturn explained by the stringent economic environment.
One of the projects delivered last year was The Parker, a 123-unit community developed by Cityview. City National Bank provided $44.5 million in construction financing for this development as well.
This year, 1,141 units came online year-to-date through March in the area—a 40 percent decrease from the unit count of 1,896 recorded during 2023’s same period and a sharp 50 percent decrease from the previous quarter which recorded 2,312 deliveries, Yardi Matrix data shows.