GPI Cos. Lands $84M for LA Development

JLL Capital Markets arranged the floating-rate loan through Citizens Bank.

Overland and Ayres rendering. Image courtesy of JLL Capital Markets

Overland and Ayres rendering. Image courtesy of JLL Capital Markets

GPI Cos. has received $84 million in construction financing for Overland and Ayres, a 201-unit multifamily development in Los AngelesJLL Capital Markets arranged the floating-rate loan through Citizens Bank. Senior Managing Directors Jeff Sause and Greg Brown, Executive Managing Director Kevin Mackenzie and Directors Charlie Vorsheck and Sam Godfrey led the JLL team working on behalf of the borrower.

The development broke ground in September 2022, with Build Group serving as general contractor and Labib Funk + Associates as structural engineer. The project is slated for completion in 2024.

Overland and Ayres is taking shape on the former site of Westside Pavilion’s parking garage, marking the last phase of the shopping mall’s redevelopment. The $475 million project, dubbed One Westside, is being constructed by Hudson Pacific and Macerich; the co-developers are transforming the former mall’s main building into a Google-anchored office campus.

MVE + Partners designed the 200,609-square-foot community to feature a six-story building, nine townhomes and approximately 6,200 square feet of commercial space. Residential units will comprise studio, one- and two-bedroom floorplans. Amenities will include a fitness center, swimming pool and outdoor fitness lawn, as well as a 2,000-square-foot indoor clubroom.

Located at 2455 Overland Ave., the development site is near the junction of interstates 405 and 10 in the West Los Angeles neighborhood. Residents of Overland and Ayres will have immediate access to numerous retail, dining and entertainments options. University of California, Santa Monica Airport and Ronald Reagan UCLA Medical Center are within a 3-mile radius.

You May Also Like