JLL Capital Markets arranged $182 million in construction financing and joint venture equity to capitalize the development of Hillcrest Apartments, a 333-unit multifamily development located directly across from Amgen’s headquarters in Thousand Oaks.
Managing director Bercut Smith and senior director Matt Benson represented the borrower, The Latigo Group, in arranging the financing from Bank OZK, Affinius Capital and Peakhill Equity Partners. It includes a $117.2-million senior loan from Bank OZK.
Hillcrest Apartments is located at 2150 W. Hillcrest Dr., one of the strongest rental submarkets in Southern California. The project will benefit from its location directly off US-101. With median prices exceeding $1,050,000, the neighborhood positions the project to offer a substantial discount to homeownership.
“Despite there being limited capital flows to development projects right now, the market for senior financing and subordinate financing is very liquid and select projects can garner interest from joint venture equity providers,” said Smith.
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