LA Luxury Development Receives $24M Loan
- Jul 18, 2019
JLL Capital Markets has arranged $24 million in financing for the development of Eleven Fifty Wilshire, a 140-unit Class A condominium community in Los Angeles. JLL worked on behalf of PacTen Partners to secure the equity from an overseas capital source.
The condominium will rise at 1150 Wilshire Blvd., in the City Center West submarket of Downtown Los Angeles. The transit-oriented development will be situated adjacent to the Wilshire/Lucas bus stops. Additionally, the property will be alongside Freeway 110, approximately 17 miles from Los Angeles International Airport
KTGY Architecture+Planning is the architect working on the project, which is expected to break ground in the third quarter of 2019 and is slated for completion by the second quarter of 2022. The 13-story project will also feature more than 6,000 square feet of restaurant and retail space.
The JLL team included Senior Vice President Zane Sweet, Executive Vice President Reid McGlamery and Managing Director Chris Casey. Earlier this month, another JLL Capital Markets team arranged $222.5 million in refinancing for two San Diego properties.