Latigo Group Snags $182M for SoCal Project
The developer's plans mark a milestone for this L.A. suburb.
The Latigo Group has obtained $182 million in construction financing and joint venture equity to capitalize its development of a new multifamily community in Thousand Oaks, Calif.
Located at 2150 West Hillcrest Drive, Hillcrest Apartments will be a 333-unit development directly across the street from the headquarters of Amgen Inc. Latigo Group will be the first developer in this northwestern Los Angeles suburb in more than two decades to complete multiple multifamily properties of at least 100 units.
JLL represented The Latigo Group in arranging the financing from Bank OZK, Affinius Capital and Peakhill Equity Partners. The package includes a $117.2 million senior loan from Bank OZK. JLL Capital Market’s Advisory team was led by Bercut Smith, managing director, and Matt Benson, senior director.
Ownership alternative in an affluent market
Located directly off U.S. 101, Hillcrest Apartments will rise in one of Southern California’s strongest rental submarkets. Average household income in the area stands at $164,000 a year. Local median home prices top $1 million, making renting an attractive alternative to homebuying.
Hillcrest Apartments will feature 395,000 square feet of residential space and more than 5,700 square feet of ground-floor retail. Amenities will include a rooftop terrace, swimming pool, fitness center, co-working spaces, multisport simulator and podcasting studio. A wellness center will offer a sauna, cold plunge and private yoga studio. Restaurants and shops will also be featured on the premises.
Three months ago, JLL and HJ Sims partnered to arrange approximately $240 million in tax-exempt and taxable bond financing to allow Integrated Senior Foundation to acquire a senior living community in Arizona, and develop two others in Arizona and California.
