$16.7M construction take-out financing secured for L.A. multi-housing community
JLL Capital Markets arranged the financing for the 39-unit 3050 W. 11th St. located in Koreatown in Los Angeles, California
SAN DIEGO, Aug. 9, 2023 – JLL Capital Markets announced today that it has arranged the $16.7 million construction takeout financing for The Hobart, a 39-unit, Class A mid-rise multi-housing community located in the Koreatown submarket of Los Angeles, California.
JLL represented the borrower, Jannone Development, to secure the two-year, floating-rate loan.
Newly built in 2023, the community consists of a six-story rental building that offers a diverse unit mix of one-bedroom, two-bedroom and three-bedroom floorplans ranging from 877 to 1,424 square feet. The larger unit sizes and unit mix are unique for Korea Town.
Situated at 3050 W. 11th St., the property features convenient walkability to the nearly 900 different entertainment venues, restaurants, and bars throughout Koreatown and proximate to the Metro Purple Line, which includes the Wilshire, Western & Wilshire and Normandie stations. This allows for an easy commute to surrounding employment hubs in Downtown Los Angeles, Hollywood and the San Fernando Valley. Additionally, residents benefit from easy access to Los Angeles’ major transportation routes interstate 10, 110 and highway 101.
Marc Jannone, founder of Jannone Development, engaged JLL Capital Markets for this financing.
“JLL Capital Markets, with Chris Collins, helped me secure my original construction financing on this project, and as we neared completion, I felt confident they could deliver an optimal solution for our bridge needs,” said Jannone.
The JLL Capital Markets Debt Advisory team was led by Senior Director Chris Collins and Associate Brad Vansant.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Jannone Development
Jannone Development is a specialized developer focused on multi-family and condo development in the Los Angeles markets ranging from the coastal cities to downtown LA. With a streamlined management team and a relentless focus on delivering quality products that exceed the expected “standard” in the marketplace, Jannone Development is set to deliver over 100,000 sq ft of premier developments in the next 18 months.