Bank OZK Provides $132.7 Million Construction Loan for Culver City Mixed-Use Development

Bank OZK has provided a $132.7 million construction loan for the ElevenOneEleven mixed-use project in Culver City, California. The financing was secured by a joint venture of Lincoln Property Company and McCourt Partners for the six-story development. Located at 11111 Jefferson Boulevard, the project will feature 344 apartment units, with 52 designated as affordable housing. Additionally, the plans include 2,000 square feet of retail space, 17,520 square feet of publicly accessible outdoor areas, and 500 parking spaces. KFA Architecture is responsible for the design, and construction is slated to commence before the end of 2026.

Berkadia's Louis Friedel and Keith Rosso arranged the financing. Friedel noted that securing such a loan in the current market reflects the strength of the developers and the project's underlying fundamentals. The Los Angeles County market continues to experience demand outpacing new apartment deliveries, making Culver City a prime location due to its strong employment base and connectivity to the Westside. This project represents a notable addition to the region's housing supply, particularly for developers and lenders focused on Southern California's competitive real estate landscape.