Lincoln, McCourt Land $132.7M Loan for Culver City Apartments

Bank OZK has closed a $132.7 million construction loan for ElevenOneEleven, a 344-unit mixed-use project a joint venture of Lincoln Property Company and McCourt Partners is building at 11111 Jefferson Boulevard in Culver City. The loan, arranged by Berkadia, positions the sponsors to break ground before the end of 2026. For other developers watching the lending window, it shows construction debt is still available for a well-sponsored Westside multifamily deal with an affordable component.

Why it matters

Berkadia’s Louis Friedel credited the sponsorship for getting the loan done in the current environment, a signal that lenders are still underwriting the developer as much as the dirt. Bank OZK’s $132.7 million commitment is a data point that capital is moving for projects pairing an established developer with affordable units. The 3.4-acre site sits near Downtown Culver City and Playa Vista, and the deal gives other sponsors in the corridor a benchmark for what a bankable project looks like right now.

The numbers

The six-story building will deliver 344 apartments, including 52 set aside as affordable units. Plans call for 2,000 square feet of retail, 17,520 square feet of publicly accessible outdoor space, two floors of residential amenities, and 500 parking spaces. KFA Architecture designed the project. Berkadia’s Louis Friedel and Keith Rosso arranged the financing. “Securing construction financing in today’s environment speaks to the strength of the sponsorship,” Friedel said. Land cost and total project cost were not disclosed.

What’s next

Construction is expected to begin before the end of 2026, putting several hundred new units, more than a tenth of them affordable, on track to reach the Culver City market over the next few years. The project will be an early test of leasing demand in the Jefferson Boulevard corridor as more Westside multifamily supply comes online. This is one of the first construction-financing closes The American Developer has tracked in Los Angeles since launching coverage of the market.