$84M financing secured for West Los Angeles multi-housing project
JLL Capital Markets arranged the construction financing for the 201-unit Overland and Ayres in Los Angeles, California
LOS ANGELES, March 15, 2023 – JLL Capital Markets announced today that it has arranged $84 million in construction financing for Overland and Ayres, a 201-unit, best-in-class multi-housing community in West Los Angeles, California.
JLL worked on behalf of the borrower, an affiliate of GPI Companies, to secure the floating-rate construction loan through Citizens.
With an anticipated completion in 2024, the six-story Overland and Ayres will be fully integrated with the award winning, newly constructed West End creative campus. It will feature 100% market-rate units, consisting of 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes fronting Ayres Avenue. Amenities include a cutting-edge health club with open-air environments, including a podium pool deck and outdoor fitness lawn. Additionally, the community will include approximately 6,200 square feet of commercial space.
Situated at 2455 Overland Ave., the project is in an affluent West Los Angeles neighborhood and is proximate to numerous entertainment and employment drivers. Additionally, residents will have convenient access to the Metro Expo Line (located within a half mile), Interstate 405 and Interstate 10.
The JLL Capital Markets team was led by Executive Managing Director Kevin Mackenzie, Senior Managing Directors Greg Brown and Jeff Sause and Directors Sam Godfrey and Charlie Vorsheck.
“We are proud to have been able to source a construction loan that satisfied our client’s needs despite economic headwinds and rising interest rates and look forward to seeing this beautiful project come to life,” said Brown.
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
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GPI Companies
Founded in 2008, GPI is a real estate investment and development firm that pursues a targeted range of properties where value can be enhanced through repositioning, redevelopment, or increased operational efficiency. The Partners have a history of delivering superior returns to their investors by successfully identifying and exploiting mispriced assets while at the same time minimizing volatility. GPI has the expertise and experience to execute projects of all sizes and complexity.
With a team of seasoned real estate executives, the company’s real estate investments are managed and operated directly by GPI. Capital partners include prominent private equity and state pension funds. The Partners of GPI have more than 100 years of combined experience and have acquired or developed over $6 billion in award-winning urban real estate assets and leased and managed more than 20 million square feet of commercial space.
During 30+ year careers focused on greater Los Angeles, the Partners of GPI have owned, managed, and developed several of the area’s most successful, innovative, community-oriented, high quality urban projects. For further information, visit gpicompanies.com.