LOS ANGELES, CA - 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.